At the center of geopolitical developments is aluminum, with metal prices on the rise.
According to data from international agencies, aluminum increased by up to 2.9% to 3,231.50 dollars per ton on the London Metal Exchange, following the attack by the US and Israel on Iran over the weekend.
Specifically, on March 3, 2026, the price of aluminum increased to 3,229.90 dollars/ton, marking an increase of 1.11% from the previous day. However, it should be noted that aluminum was on an upward trajectory throughout the previous year, as it is one of the basic metals in a number of economic activities, which had led companies in the sector internationally to a stock market rally, with only some local exceptions. In the last month, the price of aluminum has increased by 5.82% and by 23.36% compared to the same period last year.
Under current conditions, aluminum smelters usually maintain alumina stocks for one to two weeks, limiting immediate production risks, but the conflict in the Middle East has raised fears of disruption to critical shipping routes used by producers that transport one-tenth of global production.
In particular, the Strait of Hormuz, the strategic sea passage off the Iranian coast, is the main export route for regional producers and a critical channel for raw material imports. As market executives emphasized to “N”, the quantities that came from Asia and Australia reached their destinations by going around Africa. The quantities that came from the Gulf are obviously currently pending and uncertain due to unforeseen developments. And they reiterate that the aluminum industries in both Europe and Greece continue to produce.
However, in this difficult geopolitical environment, the major question is how long the crisis will last and what escalation it will have. Also, all the data have multiple readings. On the one hand, the increase in aluminum prices gives a significant boost to the industries in the sector. On the other hand, however, it is now questionable whether the amount of aluminum produced can be sold.
And this is because in times of crisis, especially such as the recent one due to the outbreak of war in the Middle East, investments are halted and markets freeze. In the case of aluminum, the main markets for the product are the automotive industry, construction, packaging and defense. In addition, the skyrocketing energy costs, the increase in transport fares and the inability to supply raw materials together with the increase in the cost of money significantly burden industrial production.
Analysts described potential disruptions to bauxite and alumina supplies that feed regional smelters as a “very significant risk,” predicting further price increases. Copper also gained 0.3% and zinc rose 0.9%, while iron ore rose 0.7% to 99 dollars a tonne in Singapore.
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