Industry News

Aluminum & nickel prices climb to record high in several years

Views : 401
Update time : 2022-02-16 22:01:54
Due to the escalating fears that Russia reduces its supply of both aluminum and nickel, which might make the current shortage even worse, the prices of both metals climbed to a record high in several years.

Russia has kept denying invasion towards Ukraine. Russian invasion could mean sanctions against Russian companies such as Norilsk Nickel, accounting for 10% of the global nickel, and Rusal, which supplies about 5% of world’s aluminum.

Market participants said that there is a risk of sanctions on Russia, and people are stocking aluminum and nickel for safety stock level.

According to LME data, aluminum prices reached US$3,333/ton last week, which was very close to the record high of US$3,380.15/ton in July 2008. Also, nickel rose to US$24,435/ton, the highest record since August 2011.
Related News
Read More >>
Global stainless steel summit in Mumbai to discuss India’s challenges over rising imports Global stainless steel summit in Mumbai to discuss India’s challenges over rising imports
May .28.2025
Global stainless steel summit in Mumbai to discuss India’s challenges over rising imports
US’ steel imports decline in Apr US’ steel imports decline in Apr
May .28.2025
US’ steel imports decline in Apr
China’s alumina prices climb due to tight supply and cost support China’s alumina prices climb due to tight supply and cost support
May .28.2025
China’s alumina prices climb due to tight supply and cost support
US’ hot-rolled steel bar exports fall in Mar US’ hot-rolled steel bar exports fall in Mar
May .28.2025
US’ hot-rolled steel bar exports fall in Mar