Summary: Aluminium prices on the London Metal Exchange (LME) have spiked to $3,499.50 per tonne, the highest level since April 2022. This surge is driven by escalating hostilities in the Middle East, which accounts for roughly 9% of global supply. Two major smelters—Qatalum in Qatar and Alba in Bahrain—have reportedly suspended deliveries or declared force majeure. The closure of the Strait of Hormuz has effectively “stranded” an estimated 6 million tons of primary aluminium, forcing U.S. and European buyers to scramble for alternative cargoes from Asia.
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