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Aluminum futures prices on the London Metal Exchange increased by 3.1%, reaching $3,379.8 per tonne. During the session, the price went above $3,400 for the first time since April 2022.
Aluminium Bahrain, also known as Alba and one of the largest aluminum producers in the Middle East, announced force majeure on its contracts on Wednesday, due to its inability to ship aluminum products.
This is because of the situation in the Strait of Hormuz, which is stopping us from shipping. "He continued production, but the metal is currently available at Alba," the company told Reuters.
The Middle East contributes approximately 9% to global aluminum production.
source: reuters.com
Aluminium Bahrain, also known as Alba and one of the largest aluminum producers in the Middle East, announced force majeure on its contracts on Wednesday, due to its inability to ship aluminum products.
This is because of the situation in the Strait of Hormuz, which is stopping us from shipping. "He continued production, but the metal is currently available at Alba," the company told Reuters.
The Middle East contributes approximately 9% to global aluminum production.
source: reuters.com
