The price of aluminum has reached the highest level in more than a decade, due in part to disruptions at the Jamalco refinery in Halse Hall, Clarendon.
Bloomberg reported on Monday that the price hit US$3,000 per ton on the world market for the first time in 13 years amid expectations that supply disruptions are here to stay, while demand keeps rising.
It settled at $2,896.50.
Aluminium has surged about 14% over the last three weeks as supply risks increase throughout the industry.
Bloomberg says the risks are linked to alumina refining in Jamaica and aluminum smelting in China and elsewhere.
Global prices for alumina have been rising since last month's blaze at the Jamalco refinery led to fears of tighter supply.
Hong Kong-based Noble Group Holdings, which partners with the Jamaican government in the Jamalco joint venture, said the fire broke out in the facility that produces power, compressed air and steam for alumina-refining operations.
The Jamalco plant can produce up to 1.4 million tons per year of alumina, which is refined from bauxite.
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