Gulf News

Aluminium hits $3,000 after 13 years

-

LONDON. Aluminium reached $3,000 (Dh11,000) a tonne in London for the first time in 13 years amid expectatio­ns that supply disruption­s are here to stay, while demand keeps rising.

The metal has surged about 14 per cent over the past three weeks as supply risks increase throughout the industry, from bauxite mining in Guinea and alumina refining in Jamaica to aluminium smelting in China and beyond.

Chinese producers were dealt a fresh blow yesterday as Steelhome reported that Yunnan province, one of the largest aluminium producing provinces in the Asian nation, will enforce production curbs from this month in an effort to meet energy intensity reduction goals. Smelters in the European Union are also facing rising costs with both carbon credits and power inputs at record highs, Goldman Sachs Group Inc said.

Newspapers in English

Newspapers from United Arab Emirates