Aluminium cuts in the offing following US sanctions

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Report summary

The US sanctions against Russian oligarchs and their companies have thrown the aluminium market into a frenzy. Even before the sanctions were announced, smelters were scraping the bottom of the silos for alumina. The Albras smelter in Brazil became the first casualty of the current alumina squeeze. With no clear timeline for the restart of Alunorte and the loss of output from Aughinish, market participants are now questioning which smelter will be the next to curtail output?

What's included

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  • Document

    Aluminium cuts in the offing following US sanctions

    PDF 294.51 KB

Table of contents

  • A jaw-dropping announcement
  • UC Rusal's alumina footprint
  • Atlantic smelters running out of alumina
  • Atlantic aluminium smelters may be the unintended casualty of the US sanctions
  • Crunching the numbers: Just how much more alumina do the Atlantic smelters need to avoid temporary curtailments?
  • Can China come to the rescue?
  • How high can alumina prices go?
  • What's the risk of temporarycurtailments?

Tables and charts

This report includes 4 images and tables including:


  • Alunorte alumina export destinations
  • Ireland alumina exports
  • Alumina prices smash through the historical 22.5% price cap


  • Alumina supply loss

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