Russian aluminium stocks on LME record an 81% growth in July 2023
According to a report on Thursday, August 10, Russian aluminium stocks have posted an 81 per cent growth on the London Metal Exchange-approved warehouses for July 2023 compared to an 80 per cent increase in June.
At the end of July 2023, Norsk Hydro wrote a letter to the London Metal Exchange to warn them that a large volume of aluminium from Russia weighed on the LME benchmark price. Hydro also requested the exchange to reconsider the decision not to ban Russian aluminium from its warehouse network.
Russian aluminium stocks recorded steady growth on LME since the year began. For instance, Russian stocks increased by 41 per cent in January, 68 per cent in May and 80 per cent in June.
In response to the letter, LME replied that it would closely monitor the arrivals of Russian aluminium to ensure no orderliness.
The proportion of Indian aluminium inventories, which have been dragged down by the move away from the Russian metal, in LME warehouses was unchanged at 18% in July.
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