TMST - Aluminum steel names rise as Russia-Ukraine war lifts metal prices
Aluminum and steel stocks are surging as Australia banned alumina exports to Russia and Europe considers prohibiting Russian steel. Among major movers: NASDAQ:CENX +10.6%, NYSE:AA +10%, NYSE:X +5.7%, TMST +5%, NUE +4.7%, CLF +4.5%, KALU +4.1%. Australia said its ban on exports of alumina and aluminum ores to Russia, part of sanctions in the wake of the invasion of Ukraine, would limit Russia's capacity to produce aluminum, as Australia supplies ~20% of the country's alumina. "The demand for aluminum has soared globally while there is a supply deficit that may keep supporting aluminum prices in the near-to medium-term," Kunal Sawhney, CEO at research firm Kalkine, told Reuters. According to Bloomberg, benchmark rates for hot-rolled coil in northern Europe jumped 10% to €1,435/ton ($1,583), and prices for rebar rose to a fresh all-time high. Argus reports the north European hot-rolled coil contract traded 50K tons for the first time this month,
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Aluminum, steel names rise as Russia-Ukraine war lifts metal prices