The price of aluminum reached exactly 3,000 dollars (2,533.57 euros) per ton on Monday morning, which is the highest level in the last 13 years.
The rise in aluminum prices was caused by the coup d’état in Guinea, a major producer of bauxite used in aluminum production.
Bauxite ore is used in the production of aluminum.
The rise in aluminum prices has been observed since the coup in Guinea at the beginning of the month and has risen by around 40% since January, as the global economy recovers from the crisis caused by the coronavir pandemic.
The rise is also driven by rising electricity prices in China, which have reduced production at several foundries in the country’s Xinjiang region.