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The military operation of the Russian Federation on the territory of Ukraine exerted additional pressure on prices on the aluminum market since aluminum supplied by Russia accounts for about 10% of the total volume of US imports. It is known that Russia has become the largest aluminum producer after China, and now there is also an increase in aluminum production. Since electricity prices remain relatively low in Russia, especially in energy-surplus Siberia, the increase in output along with the increase in metal prices is a positive factor, since 70% of the primary aluminum produced is exported and only less than a third is consumed domestically. At the same time, high aluminum prices may constrain the expansion of domestic consumption of the metal and may force manufacturers to look for a cheaper alternative. In general, the increase in aluminum prices coincides with the general “supercycle” of raw materials in the last year and a half, and there is a chance to stabilize aluminum prices at current high levels, which will be facilitated, among other things, by new metallurgical projects in Russia. At the same time, it is worth noting that limited metal supplies will haunt the industry for most of 2022, and some experts predict that it may take up to five years to solve the problems.