Aluminum prices have risen to a four-year high due to the blockade of Iranian ports
Global aluminum prices have reached their highest level in four years amid U.S. plans to impose a blockade on Iranian ports.
This was reported by Bloomberg.
According to the publication, the price of aluminum rose by 2.3% on the London Metal Exchange.
The blockade, initiated by U.S. President Donald Trump, is expected to cause new disruptions in supplies from the Persian Gulf countries.
It is noted that countries in the region account for about 9% of global aluminum production.
An additional factor was the damage caused to the region’s largest producer—Emirates Global Aluminium—as a result of hostilities.
At the same time, analysts point out that overall demand for metals remains weak, and rising inventories in China could hold back further price increases.
Iran announced that negotiations with the U.S. have moved to the expert level
The US and Iran have begun negotiations with Pakistan’s participation.
The US announced the start of demining operations in the Strait of Hormuz. Meanwhile, US warships have passed through the strait for the first time since the start of the war without Iran’s approval.
