Hindalco, NALCO, Vedanta Aluminium shares crash up to 6% as aluminium prices drop on US-Iran peace deal

Shares of Indian aluminium producers Hindalco, NALCO, and Vedanta fell up to 6% after LME three-month aluminium prices dropped over 4% to $3,379.50/ton following the announced US-Iran peace deal. The reopening of the Strait of Hormuz — a key shipping route through which Middle East producers (accounting for ~9% of global supply) transport aluminium and raw materials — is expected to pressure global aluminium prices further. The Nifty Metal index was down ~2% despite a broader market uptrend.