finance
London Aluminum Prices Rise Nearly 17 Percent Since Start of U.S.-Iran Conflict
Aluminum prices on the London market have increased nearly 17 percent since the beginning of the U.S.-Iran conflict. Traders cite Middle East smelter outages, shipping concerns at the Strait of Hormuz, and potential production limits in China.
May 27, 12:00 PM·1m read1 source
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-Iran conflict. Traders attribute the increase to Middle East smelter outages and shipping concerns at the Strait of Hormuz.
Com reported that commodity desks at Mercuria, Goldman, and JPMorgan have warned of a potential supply shock. The same report noted that Chinese authorities are moving to limit over-production as inventories rise. A smelter in Baise, Guangxi province, has already reduced output of molten aluminum, according to Mysteel.
The Ministry of Industry and Information Technology stated on May 13 that steel and oil refining industries will also face production targets.
Guinea has threatened to limit bauxite exports, which could further pressure China, the world's largest aluminum producer. Bloomberg reported that energy-use and emissions inspections may force additional Chinese output cuts.
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