全球金属与矿业:霍尔木兹冲突下铝市场虽受冲击但未崩溃.docxVIP

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全球金属与矿业:霍尔木兹冲突下铝市场虽受冲击但未崩溃.docx

27April2026

GlobalMetalsMining

GlobalMetalsMining:AluminiummarketshavebeenbentbutnotbrokenbytheHormuzConflict

Globaldemandforaluminumis~100mlntonnes(orequivalentlyMTorMmt).

7%ofdemandissourcedfromtheMiddleEastand(a)isstronglyexport-orientedand(b)reliesheavilyontheStraitofHormuztoreachmarkets.Thosetonscannotcurrently

reachmarketamidsttwonation’sblockades.

3%ofglobaldemandhasbeendamagedbymilitarystrikes.Restartandrebuild

timesforsmeltersaremeasuredinmonths,quartersandyears.Weprovidefulldetailsondamage

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