The Middle East conflict has significantly affected the prices of various metal materials, as detailed below:

Precious metals: The Middle East conflict is expected to further raise the price floor of precious metals. Gold's investment value has re-emerged after concerns over panic-driven liquidity eased¹.

Aluminum: The conflict has led to expectations of production halts at some electrolytic aluminum smelters. For instance, the orderly shutdown of Qatar Aluminium's smelter has reduced annual electrolytic aluminum capacity by 650,000 tonnes. Restarting production is expected to take 6–12 months, fueling a sustained upward trend in aluminum prices¹.

Lithium: Lithium prices have dropped sharply, mainly due to market expectations that exports from Zimbabwe—disrupted by policy changes—could resume within 1–2 months. The policy itself has little impact on supply and demand, allowing prices to return to rationality. In the short term, downstream demand from power and energy storage sectors is expected to recover in March, with production schedules potentially increasing significantly. However, market views on medium-to-long-term lithium demand have diverged¹.

Tungsten: The Middle East conflict has intensified market focus on military demand, accelerating tungsten price increases in recent weeks. On February 4, 2025, China's Ministry of Commerce and the General Administration of Customs jointly issued Announcement No. 10 of 2025, imposing export controls on tungsten and four other related materials. Furthermore, the conflict may boost military demand, as missiles and other weaponry consume large quantities of tungsten—a metal that is difficult to recycle. If geopolitical tensions persist, tungsten prices have significant upside potential¹,².

Summary: The Middle East war primarily impacts metal prices by raising those of precious metals, aluminum, and tungsten, while lithium prices have fallen due to expectations of resumed exports. These effects are driven by factors such as supply disruptions, increased military demand, and regulatory controls.