Aluminum Prices Surge 5.5% Following Iranian Attacks on Producers

AI Summary

Aluminum prices increased 5.5% to $3,492 per tonne on the London Metal Exchange following Iranian drone and missile strikes on two Middle Eastern producers, Emirates Global Aluminium (EGA) and Aluminium Bahrain, over the weekend. By Monday afternoon, prices settled at $3,381 per tonne, marking a 10% rise since February 28. EGA's Al Taweelah smelter sustained 'significant' damage, producing 1.6 million tons of cast metal in 2025. Analysts predict this disruption could lead to a full-year deficit in the global aluminum market due to an expected production loss of about 800 to 900 kilotons in 2026.