Aluminum-related stocks were strong in early trading on the 16th. It is seen as due to news that aluminum corporations in the Middle East will cut production as exports have become difficult because of the situation in the Strait of Hormuz.
As of 10:33 a.m. that day, Namsun Aluminum was trading at 1,774 won on the Korea Exchange, up 268 won (17.80%) from the previous session. At the same time, Sama Aluminium also rose 3,300 won (9.75%) to 37,150 won.
The previous day, Bloomberg reported, "Aluminum Bahrain (Alba) has begun a phased shutdown of production at the world's largest single-site aluminum smelter," and "said it is halting production to preserve raw material inventories and keep other parts of the plant running amid disruptions to maritime shipments through the Strait of Hormuz."
According to the London Metal Exchange (LME), the price of aluminum that day was $3,439 per ton (t).
Hwang Byung-jin of NH Investment & Securities said, "Amid uncertainty in metal supply in the Middle East, including Qatar and Bahrain, aluminum prices also rose," adding, "aluminum prices topped $3,500 per ton for the first time since 2022."