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

Published: Mar 21, 2022 13:57

Save

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.

Australia export ban aluminum price latest developments

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

Guinea, GAC, EGA Reach Settlement to Resolve Bauxite Supply Disputes and Ensure Industry Stability

[SMM Aluminum Express News] Guinea, together with Guinea Alumina Corporation and Emirates Global Aluminium, has reached an amicable settlement to resolve disputes related to GAC’s suspended operations and disrupted bauxite supply. Under the agreement, Guinea will compensate GAC as part of the transfer of assets for the Sangarédi bauxite project, while bauxite supply agreements between Compagnie des Bauxites de Guinée and EGA will be renewed under updated commercial terms, supporting stability in the bauxite-to-aluminum supply chain.

4 hours ago

6 hours ago

LME Aluminum Inventory Declines 0.69% to 360,200 mt on May 6, Down 12.56% Over a Month

[SMM Aluminum News Flash] On May 6, LME aluminum inventory was recorded at 360,200 mt, down 2,500 mt from the previous day, a decrease of 0.69%. Over the past week, LME aluminum inventory decreased by a cumulative 7,975.00 mt, a decline of 2.17%. Over the past month, LME aluminum inventory decreased by a cumulative 51,700 mt, a decline of 12.56%.

6 hours ago

[SMM Flash News] New Expansion of Nag Hammadi Aluminum Complex to Increase Annual Capacity by 300,000 mt

Egyptian Cabinet: The new expansion of the Nag Hammadi Aluminum Complex plans to increase annual capacity by 300,000 mt.

6 hours ago