FinNotes

Aluminum prices reached $3,654.02 on May 1, 2026, up 1.66% from a month earlier. Reuters reported on May 29 that the premium of the near-term aluminum contract over the three-month benchmark on the London Metal Exchange later climbed to $97 a metric ton, the highest in 19 years, as the Iran war tightened supply, most shipping through the Strait of Hormuz was curtailed, and two regional smelters had been hit in late March.

Reuters also reported on May 27 that damage to Gulf refining facilities and shipping disruptions through the Strait of Hormuz, a route for more than five million tonnes of aluminum annually, had pushed benchmark LME aluminum up about 15% since late February while CME Comex aluminum futures had gained more than 30%. The same report said the United States imported more than five million tonnes of aluminum in 2025, with Canada supplying over half and the United Arab Emirates and Bahrain together accounting for 12%.

Company results published after the May 1 price high also reflected the stronger market. On May 7, Century Aluminum reported first-quarter 2026 net sales of $649.2 million, net income attributable to Century of $337.5 million, and adjusted EBITDA of $231.4 million. In broader U.S. cost data released that month, the Bureau of Labor Statistics said the Consumer Price Index rose 0.6% in April and 3.8% from a year earlier, while the Producer Price Index rose 1.4% in April and 6.0% over 12 months.