European electricity prices are currently rising, causing the aluminum industry in Europe to announce production restriction plans one after another.

The Bank of America (BoA) estimated that around 650,000 tons of the European total aluminum capacity of 4.5 million tons have been slashed. Besides, CRU Group estimated that European aluminum production capacity has been reduced by 729,000 tons.

European aluminum giant Alcoa announced last December that it expected to close its 228,000-ton aluminum plant in Spain within two years. Romanian aluminum producer Alro expected to reduce its production capacity by 60% in the first stage from its existing capacity of 283,000 tons per year. France's Dunkirk aluminum smelter has decided to lower its output by 15% from the current annual capacity of 285,000 tons.