J P M O R G A N Europe Equity Research 16 March 2026 China Metals Activity Tracker Base metals - keeping track of micro vs macro. Iron Ore seasonality swings into view as global exports typically accelerate in Q2 Events in the Middle East, specifically the Strait of Hormuz, are currently the dominant driver of global industrial metals prices. Aluminium is the metal most directly affected, since the Middle East represents ~7% of global supply. Last week Qatalum (650kt pa) provided a reprieve and stated it wi ...