CHARTS: The coming critical minerals trade war is BRICS short of a load
"While a large number of countries around the world continue to talk about securing raw material supply, China is actually doing something about it."
Rio Tinto Group lifted restrictions on exports of alumina from its Gladstone refineries in Australia, according to S&P Global.
Rio had declared force majeure — a legal clause allowing a company not to fulfill contractual obligations because of circumstances outside its control — on third-party contracts in May after an incident limited its supplies of natural gas.
That limitation has been lifted and operations are near normal, S&P said, citing market sources.
A Rio spokesperson was not immediately available for comment.
The halt added to a spate of supply disruptions from Jamaica to China that have sent alumina prices to record highs in recent weeks and squeezed the smelters that turn the intermediate product into aluminum.
Rio produces alumina at its Yarwun refinery and at Queensland Alumina Ltd., a venture with Russia’s United Co. Rusal International PJSC.
(By Paul-Alain Hunt)
Read More: Panic grows in alumina market as prices spike toward a record
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