Middle East's Largest Aluminum Producer: Abu Dhabi Smelter May Take a Year to Fully Recover Capacity
Wallstreetcn·- The global aluminum market is facing significant supply disruptions due to an attack on Emirates Global Aluminium's Abu Dhabi facility, which may take up to 12 months to fully recover. - The attack has resulted in over a 10% increase in aluminum prices on the London Metal Exchange since the onset of the Iran conflict, compounded by already low global inventory levels. - Additional damage from a similar attack on Aluminium Bahrain's facility adds to concerns about supply, leading to heightened market apprehension regarding future aluminum availability.A and H Shares Open Sharply Lower: ChiNext Down Over 1%, Photovoltaics and Power Stocks Fall Together, Oil and Gas Rise Against Trend, Hang Seng Tech Index Down Nearly 3%, Tech Stocks Broadly Decline
Wallstreetcn·- Asian Pacific stock markets experienced significant declines on March 30, following a drop in U.S. stocks and escalating geopolitical tensions involving Iran and Houthi forces. - Chinese A-shares and Hong Kong stocks also fell, with key indices like the Shanghai Composite and Hang Seng Index reporting losses of 0.49% and 1.31% respectively. - Despite the overall downtrend, sectors such as oil, gas, and coal saw gains, with Brent crude oil prices exceeding $115 per barrel.With the closure of the Hormuz Strait, the world's largest aluminum plant can no longer hold on
Wallstreetcn·- Aluminium Bahrain BSC (Alba) has begun phased shutdowns of three production lines, affecting 19% of its total capacity due to disrupted shipping in the Strait of Hormuz. - The shutdown aims to ensure operational stability and optimize existing raw material inventory usage amid an ongoing supply chain crisis affecting the entire Middle East aluminum industry. - Alba is exploring alternative supply channels as a proactive measure while managing operational capital and signaling that the production cuts are reversible once the supply chain issues are resolved.