Aluminum prices fall after EGA restart
Aluminum prices declined for the second consecutive time after Emirates Global Aluminum announced the resumption of its production earlier than expected. This eased concerns about a supply shortage and supported expectations that production levels would return to pre-war levels by the first quarter of next year. This follows the shutdown of its main smelter in March due to Iranian strikes, along with falling prices amid rising fears of delays in reaching an agreement between Iran and the United States, as well as the reactivation of halted smelters. Additionally, the Australian government’s support for the Tomago smelter, which has significant production capacity, contributed to the market dynamics. As a result, the aluminum price dropped to $3,282.50 per ton, with prices of other basic metals also continuing to decline amid ongoing risks of market oversupply in the medium term.
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