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Aluminum and Iron Ore Prices Rise in a Month of US-Israel vs Iran War

Adi Ahdiat 06/04/2026 14:02 WIB

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After a month of the US-Israeli war against Iran, the prices of aluminum and iron ore rose in March 2026. This happened because the Middle East region is considered a major producer.

The percentage change in global metal and mineral commodity prices in the first month of the US-Israel war against Iran (March 2026)*

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The percentage change in global metal and mineral commodity prices in the first month of the US-Israel war against Iran (March 2026)*

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The United States-Israel war against Iran that broke out since the end of February 2026 has not subsided until now.

In the first month of the war, there were various global strategic commodities whose prices increased significantly.

According to World Bank data, in the group of metal and mineral commodities, the highest increase occurred in aluminum and iron ore.

Before the war broke out, the average price of aluminum in February 2026 was still US$3,065/ton.

Then, after the war raged, the average price of aluminum in March 2026 became US$3,373/ton, an increase of about 10% compared to the previous month (month-to-month/mtm).

According to energy research company Wood Mackenzie, the rise in aluminum prices was influenced by the conflict in the Middle East region.

"The Middle East is a critical production hub for primary aluminum," said Wood Mackenzie in its report, How the Middle East conflict is affecting metals markets, March 16, 2026.

Similar things happened with iron ore, whose average price globally rose by 5.68% (mtm) in March 2026.

"The conflict carries more substantial implications for iron ore and steel, given the Middle East’s key role as a hub for direct reduced iron (DRI)–based steelmaking. Iran plays a central role in this ecosystem. In 2025, it was the world’s sixth-largest iron ore producer," they said.

However, unlike aluminum and iron ore, the prices of other metal and mineral commodities actually weakened.

The monthly average prices of nickel, tin, copper, gold, zinc, platinum, and silver in March 2026 fell by the percentages shown in the chart.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Aluminum and Iron Ore Prices Rise in a Month of US-Israel vs Iran War

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