Aluminum-related stocks are plunging in early trading on the 1st. Buying sentiment appears to be weakening on optimism for an end to the Middle East war.
Aluminum-related stocks had previously surged as concerns over disruptions to aluminum production grew after Iran attacked major aluminum production facilities in the Middle East.
As of 10:11 a.m. that day, Sama Aluminium was trading at 35,300 won, down 4,900 won (12.19%) from the previous session.
At the same time, Choil Aluminum was trading at 1,428 won, down 181 won (11.25%) from the previous session. Namsun Aluminum was also down 6.39%.
The Wall Street Journal (WSJ) reported the previous day that U.S. President Donald Trump told aides he is willing to end the Iran war without reopening the Strait of Hormuz.
Also, according to Agence France-Presse (AFP), Iran President Masoud Pezeshkian said in a call with the president of the European Council (EU), "We are willing to end this conflict if essential conditions are met, especially if the prevention of renewed aggression is guaranteed."
On the 29th last month (local time), the Islamic Revolutionary Guard Corps (IRGC) struck major aluminum production facilities in the Middle East, including Aluminium Bahrain (Alba), in response to the attack on Iran Steel. This raised concerns about aluminum supply.