Aluminum is in short supply for everyone!

The total global aluminum reserves cover only 5 days of worldwide consumption, Bloomberg analysts have calculated. Since the beginning of the year, aluminum prices have risen from approximately $2,300–$2,600 to $3,700–$3,800 per ton amid escalating tensions in the Middle East. Aluminum was only more expensive in 2022, when market participants feared a collapse due to sanctions against Russia — one of the key suppliers of the metal to the global market.

Analysts also note another alarming signal: the spot contract prices for aluminum have exceeded the prices of traditional three-month contracts by $97. In simpler terms, companies are willing to pay 3-4% more to buy aluminum here and now, reflecting market anxiety and the fact that major players expect the situation to worsen soon.

About 10% of the world's aluminum supplies pass through the Strait of Hormuz, primarily referring to metal supplied to Europe.

We continue to monitor 😎
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