Primary Aluminium News - General

LME confirms it will end the ban on Rusal aluminium once the U.S. lifts sanctions on the company

  | AL Circle   |

According to a Reuters report, the London Metal Exchange (LME) confirmed that it would lift its suspension on aluminium produced by Russia’s Rusal once the U.S. lifts the sanctions on the company. The exchange said in a statement that consultation with LME consumers had not raised any objections to the plan about lifting the ban.

The LME first proposed removing its block on Rusal metal on Dec. 19, 2018, after the U.S. Treasury’s Office of Foreign Assets Control (OFAC) struck a deal with Rusal and two other firms controlled by Oleg Deripaska under which they agreed to sever the Russian oligarch’s control over their management.

The LME statement also said that sanctions on the company were expected to be removed on or around Jan 18.

Rusal is the largest producer of aluminium outside China. London Metal Exchange first announced suspension of Rusal’s metal from its brand list on April 17, when the U.S. declared punitive sanctions on the company. From that date onwards, LME declared that any metal owner wanting to place warrants on aluminium under any brand of Rusal would have to provide written evidence as a proof to not violate sanctions. Otherwise, the LME warehouses would not accept it for storage.

This created supply uncertainty and drove panic buying among aluminium buyers around the world. Benchmark aluminium on the London Metal Exchange touched a peak of US$2,242, up by 4.2 per cent soon after the LME released its notice and the prices touched US$ 2,602 on April 19. LME aluminium contract closed the trading on Monday January 7 at US$ 1858 per tonne. 

Edited By:


This news is also available on our App 'AlCircle News' Android | iOS


Related Business Leads
Buying request Aluminium Ingot A7
Interested to buy aluminium ingot A7. Destination - India
Posted On : 30 Nov 2023

Buying request Aluminium Ingot A7
Need suitable sellers of aluminium A7 ingots. Place of Origin - Any place Payment Terms - DLC or SBLC, 2% PB
Posted On : 30 Nov 2023

Buying request Aluminium Ingot A7
Interested to buy aluminium ingot A7 from manufacturers only. Destination - China
Posted On : 30 Nov 2023

Interested to buy A7E / P1020A  aluminium ingots. Size of Ingot : 10 Kg or 23 Kg Delivery Location : Qatar Estimated Delivery Date : 27th December'...
Posted On : 28 Nov 2023

Buying request Aluminium Ingot A8
Interested to buy aluminium ingot A8. Destination - Guangzhou or Shanghai, China 
Posted On : 28 Nov 2023
Alternate Text
EPIQ Machinery

A world class equipment designer specialized in developing innovative & effective solutions for heavy equipment, vehicles, and material handling systems

Alternate Text
Altek

Leading manufacturer of value-added equipment for the aluminum casthouse

Alternate Text
Jagannath Company

Manufacturers & Supplier of Magnesium Metal and Aluminium Foundry Chemicals

Alternate Text
CETAG

A supplier of proven systems and an expert adviser in aluminum casthouse technology, offering its services worldwide to the aluminum industry.

Alternate Text
IBAAS-JNARDDC 2023

4-6 December 2023 at Chitnavis Centre in Nagpur, India.

Alternate Text
IGUN METALS AND FINANCE INC

Global supplier of aluminium alloy and base metals from Africa