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- LME Aluminum 3M Select trades $-9 lower to $3205 at 8:56:54 AM
- (Bloomberg) – The United Arab Emirates’s state-owned aluminum producer will export up to 250,000 tons of aluminum annually from its eastern coast as shipping disruptions through the Strait of Hormuz continue. Under a new deal between Emirates Global Aluminium and logistics company Gulftainer, port capabilities will be expanded to accommodate additional exports, with volumes potentially exceeding 300,000 tons beyond the first year. Gulftainer operates the Khor Fakkan port on the Gulf of Oman, outside the Strait of Hormuz. The agreement is a sign that Gulf smelters are making structural alterations to their supply chains after months of ad hoc measures to mitigate the impact of disruptions to shipping through Hormuz. The closure of the Strait risked throttling supplies of aluminum to buyers in Asia, Europe and the US, but smelters have ramped up exports via alternative ports in Oman and Saudi Arabia. “We have already made considerable progress diversifying our outbound logistics to ensure reliable deliveries,” Abdulnasser Bin Kalban, Chief Executive Officer of Emirates Global Aluminium, said in a statement. “Today’s agreement with Gulftainer is another important step forward.”
- LME Copper 3M Select trades $26.25 higher to $14465 at 8:56:57 AM
- CME HRC Steel last traded at $1282 and $1 higher at 9:08:49 AM
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