Aluminum prices rose by 0.93% to settle at 237.75 due to supply concerns from sanctions on Russian metals. The London Metal Exchange (LME) and Chicago Mercantile Exchange (CME) were prohibited from accepting new Russia-made aluminum, copper, and nickel. This led to dwindling aluminum stocks to 171,200 tones, the lowest level since August 2022.
China’s demand for aluminum was strong in Q1 2021, with imports surging by 89.8% to 380,000 metric tons in March. Concurrently, China’s primary aluminum output in March increased by 7.4% YoY, reaching 3.59 million metric tons, driven by rising prices and growing industry profits.
