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The rally in the global benchmark aluminum price reached a record high last week. On Thursday, Feb. 24, the LME aluminum price reached 13-year highs at $3,519 per ton as the Russia-Ukraine conflict fueled concerns about global supply of the metal. However, on Friday, February 25, the price fell $164 per tonne to $3,355 per tonne.

In response to this increase in the global aluminum price, the National Aluminium Company Limited (NALCO) increased the prices of aluminum ingots and products by INR 20,000 per tonne or 7%. Effective Friday, February 25, NALCO’s aluminum ingot price came in at INR 300,450-303,950 per ton as opposed to INR 280,450-283,950 per ton.

On February 21, global minerals and metals giant Rio Tinto signed a new partnership agreement with the Tasmanian state government at the Bell Bay aluminum smelter to work together to ensure a strong and sustainable future economy for George Town, the Tamar Valley region and Tasmania. The new partnership will seek to promote economic growth and employment outcomes in the state and support the Tasmanian government’s goal of doubling renewable electricity generation by 2040.

In Europe, a catastrophic shortage of aluminum has sent regional prices skyrocketing, presenting opportunities for commodity traders who have seized the unique opportunity to make money by exporting the metal from warehouses 6,000 miles away. A number of major trading companies have lately been loading aluminum from the Malaysian port of Klang onto break-bulk boats bound for Europe. It’s a trade that would normally be extremely unprofitable, but the high expenses have been mitigated by the higher prices European buyers are willing to pay for the metal.

On Thursday, February 24, Century Aluminum announced its Q4 and full-year 2021 results, revealing net income of $60.4 million for Q4 versus $52.4 million a quarter ago. This was a quarterly increase of 15.27 percent on higher shipments from 196,095 tons to 200,961 tons. Net sales increased 13 percent in Q4 from $581.4 million to $659.1 million sequentially.