The price of aluminum has plummeted, and the peace agreement in Iran has eased the supply crisis impact.

London aluminium futures fell to a more than two-month low as the temporary agreement between the United States and Iran laid the groundwork for the resumption of metal shipments through the Strait of Hormuz. The price of aluminium on the London Metal Exchange fell by 4.4%, settling at $3,379.50 per ton, its lowest since March 27. The US-Iran agreement is expected to be signed on Friday, at which point the strait will reopen. The details of the plan are still being negotiated. The Iran conflict has significantly reduced supply, with Middle Eastern aluminium smelters being targeted in missile attacks. The closure of this key waterway has also disrupted raw material inputs and metal exports. Producers have adopted alternative logistics plans to keep their factories running, but this war still poses a major supply gap for the industry.