LME aluminum price hikes by 4.7% as Australia prohibits alumina exports to Russia
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Update time : 2022-03-21 20:32:25
After Australia announced to prohibit alumina and aluminum ore exports to Russia on March 20, the Australian mining company Rio Tinto stopped its alumina exports to Russia, causing LME aluminum price to jump by 4.7% at the opening.
Russia is a major exporter of aluminum products, of which up to 20% of alumina is imported from Australia. Therefore, Australia's restriction on exports of alumina and aluminum ore will limit Russia's ability to produce aluminum products.
Aluminum is widely used in daily utensils, from cans to window frames. The prices have risen by 25% this year.
