Australia banned the export of alumina Lun aluminum and Shanghai aluminum to Russia.

RIO.US said it would abide by government policy after Australia announced a ban on exports of alumina to Russia on Sunday. Affected by this, Lun Aluminum and Shanghai Aluminum have risen one after another.

According to the data, Lomalco futures rose 4.8% at one point, rising 4.38% as of 1314: 43, while Shanghai Aluminum rose more than 3% at one point and rose 2.10% at 13:43. Aluminum prices have risen by about 25% so far this year.

Nearly 20% of Russia's demand for alumina depends on Australia, according to a multi-ministerial joint statement issued by the Australian government. The export ban will limit Russia's ability to produce aluminium, an important Russian export.

In addition, Rio Tinto reiterated that it was terminating all commercial relations with all Russian companies following the escalation of the conflict between Russia and Ukraine. London-based Rio Tinto has a 20 per cent stake in Queensland Alumina Ltd., in a joint venture with aluminium giant Rusal 00486.