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London aluminum prices jumped as much as 4.8 percent on Monday, as fears of supply disruption resurfaced after Australia banned exports of alumina and aluminum ores to Russia amid mounting sanctions on Moscow for its invasion of Ukraine.
The move will limit Russia’s capacity to produce aluminum, which is a critical export for Russia, the Australian government said.
Russia accounts for about 6 percent of global supply of aluminum, 10 percent of nickel and is also a major producer of natural gas used to generate electricity that powers production of metals.
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German aluminum maker Trimet will cut production at its main factory in Essen by half in the coming weeks amid huge costs for the energy-intense production process.
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