Australian export ban pushes up aluminum prices

Australia’s move to ban alumina exports to Russia is heaping more pressure on Moscow-based aluminum giant United Co Rusal International PJSC and pushing up prices of the so-called everywhere metal.
Aluminum jumped and Rusal shares tumbled as Rio Tinto Group, operator of the Queensland Alumina Ltd joint venture with the Russian company, said it would comply with all of Canberra’s directions.
Rio reiterated that it was in the process of terminating its commercial relationships with Russian businesses following Moscow’s invasion of Ukraine. Rusal holds a 20 percent stake in the Queensland joint venture.
Australian Prime Minister Scott Morrison said that a ship

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