Press Metal Aluminium hits record high as LME prices surge 6% on Iran strikes at EGA and Alba

As the London Metal Exchange (LME) aluminium prices soared up to 6 per cent from its previous bis closing at USD 3,290 per tonne on March 27, Press Metal Aluminium Holdings Berhad, the largest integrated aluminium producer in Southeast Asia, saw its shares hit an all-time intraday high, reaching MYR 8.12 (USD 2.02), marking a 6.3 per cent surge. The development occurred after the Middle East conflict led to attacks launched by Iran at the two largest aluminium producers of the Gulf region, i.e., Emirates Global Aluminium (EGA) and Aluminium Bahrain (Alba), causing major operational disruptions at the respective sites. 

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In the forward market, the LME aluminium three-month benchmark climbed to a two-week high of around USD 3,492 at the start of the session on March 30. The surge was seen as the two GCC smelters confirmed that their facilities sustained retaliatory drone and missile strikes from Iran. The damages caused were under scrutiny.

The stock of Press Metal Aluminium Holdings jumped by 51 sen to hit a record intraday high of MYR 8.12 (USD 2.02) within minutes of Monday’s opening. By 9:36 AM, it was up to 39 sen, or increasing by 5.12 per cent, at MYR 8 (USD 1.99).

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The three-month figure had previously appeared on the close of the March 12 session, the bid settling at USD 3,492 per tonne and the offer price at USD 3,494 per tonne, the escalation caused by Middle East tensions and trade volatility due to passage disruptions at the Strait of Hormuz.

The attacks by Iran's IRGC brought about “significant damage” to the EGA site. Additionally, two employees at the Alba facility were reported to have sustained injuries.

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