Rio Tinto plc Drawn Into Hormuz Supply Shock as Amrun Bauxite Cargo Turns Toward China
A Rio Tinto bauxite shipment from Australia diverted to China after a blockage in the Strait of Hormuz, shipping data showed, as aluminium prices hit a four-year high. Aluminium Bahrain halted shipments and declared force majeure, while Norsk Hydro said Qatalum in Qatar was shutting down. Gulf smelters have little alumina in reserve, raising supply concerns. The direct financial impact on Rio Tinto remains unclear.