After reaching all-time highs in excess of $2,500 per ton in 1988 and 1989, aluminum prices fall dramatically in the early 1990s as the former Soviet Union begins exporting far larger quantities of metal. By the beginning of 1994, the price has hit all-time lows (in real terms) and stands at $1,110. The case contains data on world consumption by sector; an accompanying spreadsheet contains detailed cost data for the world's 157 smelters. Together, these allow a thorough supply and demand analysis that illuminates price fluctuations in this industry. A rewritten version of an earlier note.