The Iran war caused one of the biggest supply shocks to ever hit the aluminum market, but the runaway price surge that many were bracing for has been blunted by the ingenuity of producers from the Middle East to China.
When the conflict began, market watchers warned that unless the Strait of Hormuz reopened quickly, smelters were likely to run out of raw materials within weeks, potentially forcing widespread shutdowns that would plunge the global market into crisis and send prices to record highs above $4,000 a ton.
