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Commodities

Ukraine war turns China into net exporter of aluminum

Shortage of metal in Europe creates global arbitrage opportunity

Workers walk through an aluminum ingots depot in Wuxi, a city near Shanghai.   © Reuters

TOKYO -- The Russian invasion of Ukraine has upended the global aluminum market, transforming China into an exporter as supplies of the energy-hungry metal flow to Europe where it fetches higher prices.

China exported 26,378 tons of aluminum ingots in February, customs data shows, an increase of more than 500% from January. Imports fell 53% on the month to 18,343 tons, surpassed by exports for the first time since November 2019.

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