Alba initiates shutdown of aluminium smelting lines [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
This decision comes as disruptions in the Strait of Hormuz persist, impacting the continuity of operations in the Middle East's aluminium sector. The ongoing tensions in the Middle East have led to concerns about potential shortages, causing aluminium prices on the London Metal Exchange to rise to $3,546.50/t, a near four-year high. Alba's annual aluminium smelting capability stands at 1.62 million tonnes (mt). The company announced that it has implemented a "controlled and safe shutdown" of reduction lines 1, 2 and 3. Alba said in a statement: "This targeted, line-specific action is designed to optimise the utilisation of Alba's existing raw materials inventory and prioritise operational stability across reduction lines 4, 5 and 6." The company declared force majeure earlier this month due to its inability to transport metal to clients following the effective closure of the Strait of Hormuz. This situation has similarly hindered other Middle Eastern smelters from receivi
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