Aluminium ingot prices accelerated into early March 2026 as acute inventory drawdowns and Middle East tensions reshaped supply dynamics. The Strait of Hormuz closure severed Gulf exports—which satisfy a substantial portion of U.S. import demand—compounding existing tariffs and injecting extreme volatility. Declining exchange stocks, rising cancelled warrants, and stretched downstream lead times further tightened prompt availability of aluminium ingot. By early March, weekly assessments surged 8.0% as buyers scrambled for prompt aluminium ingot delivery. With a large amount of feedstock stranded at sea and vessel disruptions mounting, regional premiums are poised to surge. The near-term outlook for aluminium ingot remains firmly positive, though subject to shifts in inventories or demand.
