New sanctions imposed by the US and UK on Russian metals have caused a 2.65% hike in aluminum prices, settling at 232.45. The primary aim of these sanctions is to restrict Russia’s ability to export metals, particularly aluminum, which it uses to fund its armed activities in Ukraine.
These restrictions have raised concerns about market volatility and may lead to an influx of outdated stocks into the market. However, in March, China produced 3.555 million metric tons of aluminum, up 4.19% from the previous year, indicating that production is picking back up after the Chinese New Year vacations.
The increased production output is due to the resumption of operations in aluminum smelters and an increase in the output of aluminum liquid. It is predicted that production levels will continue to rise in April, with the first batch of the resumption expected to be completed by mid-April.
