Aluminum is the latest casualty of global economic headwinds as prices sink amid alleged dumping of Russian aluminum, weakening demand across the world including China and soaring operational costs.
The next quarter doesn't bode well either — unless there is some action to stop the potential dumping of Russia-origin metal and lift Chinese demand, both in infrastructure development and property construction, Tanners added.
"Power is about 30% of total costs for an aluminum smelter so they've just been absolutely squeezed in some of the European operations," Tanners said. Any influx of Russian aluminum into LME warehouses also pose a more complex problem, Dhar said in a note.
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