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Saturday, May 5, 2018 - 8:23:15 PM
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Mining News Agency- In market disruptions, one’s loss is usually another’s gain. This was particularly true for the aluminum market in April.
Mining News - Carnage was unleashed on April 6 by the imposition of United States’ sanctions on Oleg Deripaska and his Rusal aluminum empire. Other producers, including even small-scale ones in Iran, were subsequently the target of investors’ attention.
At a stroke, the sanctions effectively cut off some 3 million tons of aluminum, or roughly 6% of global supply from the markets.
US sanctions targeted Deripaska under a law that ordered the administration of US President Donald Trump to punish Russia for its alleged meddling in the 2016 election.
Deripaska was identified in a January Treasury report as a Russian oligarch close to the country’s president, Vladimir Putin, Bloomberg reported.
Rusal Plc’s shares consequently plunged as much as 41.8% on April 9, as investors bailed on the stock.
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https://www.miningnews.ir/En/News/168713
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