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Aluminum Prices Surge | UAE Global Aluminum Business Reportedly Shifts Export Route to Oman's Sohar Port
The Middle East instability has caused significant fluctuations in commodity prices. Aluminum prices rose to $3,546.50 per ton last week, reaching a four-year high, and have increased by 12% since the outbreak of conflict in Iran.
Reuters citing sources reported that due to Iran blocking the Strait of Hormuz, Emirates Global Aluminium (EGA) will transport aluminum exports and raw materials via Sohar Port in Oman in the coming days.
Sources said EGA will import alumina raw materials through Sohar Port and then truck them to Dubai or Abu Dhabi for smelting. The company also plans to start exporting aluminum products via trucks to Sohar this week.
Another source revealed that Bahrain Aluminum (ALBA), with an annual capacity of 1.6 million tons, is also considering using Sohar Port for transportation. The company is also exploring the possibility of using Jeddah Port on the Red Sea coast of Saudi Arabia.
Military strikes by the US and Israel against Iran have entered their third week. Regional companies, including aluminum producers, are seeking alternative export routes. The Gulf region currently has about 7 million tons of aluminum production, accounting for roughly 9% of global supply. Nearly 80% of this is exported, mainly to the US and Europe, serving the automotive, construction, and packaging industries.
Short-term Aluminum Prices Expected to Remain High
A report from OCBC Research stated that due to supply constraints, aluminum prices may stay elevated in the short term. This year, aluminum prices have remained strong, with recent increases driven by concerns over disruptions in Middle Eastern supply chains. The Strait of Hormuz is effectively closed, serving as a critical transportation route not only for energy products but also for fertilizers and aluminum. Prolonged transportation disruptions are expected to impact multiple commodities, with aluminum prices forecasted at $3,500 per ton in the second quarter.