Now we're in a situation where Europe and the US have pretty comprehensive anti-dumping measures against Chinese imports and China is going out to the rest of the world and seeing if it can replace those markets.
Copper on the London Metal Exchange (LME) was set for its biggest weekly drop since January after a sizzling rally with near 40% gains since the start of the year to a record peak of $10,747.50 last week.
China, the world's top aluminium producer, brought in record amounts of the metal last year as strong demand helped Shanghai prices overtake London prices, opening an arbitrage window for cheaper overseas metal.
Benchmark aluminium on the London Metal Exchange was up 1% at $2,387 a tonne at 1121 GMT. Prices of the metal used widely in the transport, construction and packaging industries earlier touched $2,389, a gain of more than 20% since January.
Electricity, much of it from coal in China, can account for 30%-40% of aluminium smelting costs.
The new cells will have the same total annual production capacity - of 1.4 million tonnes of aluminium. These four smelters in total produced 2.7 million tonnes of aluminium in 2020, or 71% of the company's output.
The 10-year project will start this year, and investments, which the Hong Kong-listed Rusal is yet to disclose, will peak in 2022-2027.