Tensions between the U.S. and Russia over Ukraine are exacerbating a shakeout in the aluminum sector, which has been hammered by rising power prices over the past year.
The price of aluminum has increased by 24% over the past six months to more than $3,100 a metric ton, approaching a decade high. The prospect of a Russian invasion of Ukraine has made matters worse. Russia is one of the world’s biggest aluminum producers and traders fear disruptions to its exports if conflict breaks out.