The war in Ukraine is making steel, copper and aluminum scarce and more expensive.

Prices rose as much as 4.2% on the London Metal Exchange, with about 200 lots changing hands in the first hour of trading.

Glencore holds a 10.5% stake in aluminum and hydropower company En+ that in turn is the majority owner of Rusal.

Rusal owns a 20% stake in Queensland Alumina, which is operated by Rio Tinto.

The court declined to hear a challenge by steel companies to former President Donald Trump's 2018 decision to double tariffs on steel imports from Turkey.

Trading volumes in copper, aluminum and zinc on the Shanghai Futures Exchange all fell to the lowest level since Feb. 7.

Russia supplies about 10% of the world's nickel, 6% of its aluminum and around 3.5% of its copper. A ban on Russian metal could lead to shortages and further price surges at a time of rising inflation around the world.

Critical for Rusal and the aluminum market alike is whether other countries follow suit, writes Andy Home.