Qatalum, a joint venture between QatarEnergy and Norway's Norsk Hydro, announced to shut down due to the impact of the Middle Eastern war on the aluminum industry. 

Norsk Hydro stated in a press release on Tuesday, "The company made the decision to close after being notified by its gas supplier of an impending suspension of gas supply." Qatalum said that it is halting production of some downstream products, including aluminum, a day after liquefied natural gas production was suspended due to a drone attack.

LME three-month base metal futures all rose on March 4, with aluminum prices hitting a near four-year high, driven by the impending closure of Qatalum. Citibank raised its three-month LME aluminum price target from US$3,400 to US$3,600 per metric ton, citing supply disruptions as the primary reason for the upward revision.