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Australian Export Ban Pushes Up Auminum Prices, May Boost Inflation

  • Rio says it will comply with Canberra’s directions on Rusal JV
  • Aluminum prices jumped, while Rusal shares dropped on the news
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WATCH: Australia’s decision to ban alumina exports to Russia is pushing up prices of aluminum, adding pressure on Moscow-based Rusal. Paul Allen reports.Source: Bloomberg
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Australia’s ban on alumina exports to Russia is heaping more pressure on aluminum giant United Co. Rusal International PJSC and pushing up prices of the most widely used base metal.

Aluminum jumped and Moscow-based Rusal’s shares dropped after Australian Prime Minister Scott Morrison announced the immediate ban on Sunday. Australia supplies almost 20% of Russia’s alumina -- the key ingredient for producing aluminum -- and its exports of aluminum ores, including bauxite, to the country have also been prohibited.