Israel and Iran under tension: How is India, among all global aluminium giants, hit? Prices indicate stress.
As a result of the ongoing geopolitical discord between Israel and Iran, the Indian aluminium industry (though not impacted directly) is feeling the rippling heat in pricing. In an unexpected turn of events, India’s aluminium price has slipped to INR 242 per kg, contemplating the global metal pressures exacerbated by currency swings and rising oil.
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The chain of events unfolds to be in this order — Israel and Iran under a military clash, which has led to the latter region’s oil supply chain being disrupted. The Sensex (India) has then fallen 1300 points. As aluminium production is highly energy-intensive, notably smelting alone accounts for nearly 40 per cent of production cost. The Middle East, especially the Gulf region, is a major natural gas and fuel oil supplier that powers many smelters globally.
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