Bahrain aluminum giant says Iranian attack targeted its facility
Iranian attack on Bahrain aluminum facility raises supply concerns.
Aluminium Bahrain (Alba), the world's largest aluminum smelter, confirmed it was targeted by an Iranian attack amid escalating tensions in the region. The company is currently assessing damage while already facing a 19% cut in production capacity due to ongoing supply disruptions affecting the Strait of Hormuz, which has raised fears of a global aluminum shortage and contributed to soaring prices.
Key Takeaways
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Aluminium Bahrain (Alba) has cut production capacity by 19% amid ongoing disruptions.
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Aluminum prices surged to four-year highs, remaining 4.3% above February levels.
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The Bab el-Mandeb Strait accounts for 12% of seaborne oil trade.
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