Tensions between China and Australia lead to rising aluminum pri
The increase in aluminum prices is mainly due to the increased tension between China and Australia, which poses a threat to aluminum supply. LME three-month aluminum prices rose 1% to US$2,471.50 per ton, the highest level since April 2018.
China stated that it will “suspend indefinitely” all activities of the China-Australia Strategic Economic Dialogue. This move has increased the tension between the two countries. Since Australia called for a traceability investigation of the new crown virus, relations between the two countries have deteriorated day by day. China is a major importer of refined aluminum, while Australia is a major exporter of aluminum raw materials bauxite and alumina. Yanting Zhou, senior economist at Wood Mackenzie, said that China is unlikely to ban the import of Australian commodities because the Chinese economy depends on these commodities.
Tensions between China and Australia lead to rising aluminum pri
The increase in aluminum prices is mainly due to the increased tension between China and Australia, which poses a threat to aluminum supply. LME three-month aluminum prices rose 1% to US$2,471.50 per ton, the highest level since April 2018.
China stated that it will “suspend indefinitely” all activities of the China-Australia Strategic Economic Dialogue. This move has increased the tension between the two countries. Since Australia called for a traceability investigation of the new crown virus, relations between the two countries have deteriorated day by day. China is a major importer of refined aluminum, while Australia is a major exporter of aluminum raw materials bauxite and alumina. Yanting Zhou, senior economist at Wood Mackenzie, said that China is unlikely to ban the import of Australian commodities because the Chinese economy depends on these commodities.