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Ann: Quarterly Activities Report, page-22

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    It's not the caustic soda price that's doing this, caustic soda price is tied to the Alumina price as an input, with sanctions on Russia's Rusal sending Aluminium prices through the roof these two do not bother me.  Rusal makes up 6% of Al market so it's a huge supply shortage.  But with Rusal not buying bauxite from anyone it's likely to hit the open market. Rio supply Rusal, Rusal eats up all the Indonesian Bauxite, if these hit the market it's trouble. I'd say some fund has run the worse case scenario on the bauxite macro and gotten out.

    This is good for refiners and bad for suppliers.

    Similar thing likely to happen in Nickel with Norilsk getting sanctions.

    https://www.reuters.com/article/us-...supply-chain-restructuring-seen-idUSKBN1HO27F
 
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