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12 OCTOBER 2023 AL CIRCLE

Russian aluminium stocks share in LME warehouses shrink to 76% during Sept’23

EDITED BY : DEBANJALI SENGUPTA 1MINS READ

According to a report on Tuesday, October 10, the share of Russian aluminium stocks in London Metal Exchange-approved warehouses fell to 76 per cent in September 2023 from 81 per cent in August. The actual amount of Russian stocks on the LME warrant decreased from 183,650 tonnes in August to 132,475 tonnes in September. Aluminium stocks available to the market in LME-registered warehouses are referred to as on-warrant.

Russian aluminium stocks share in LME warehouses shrink to 76% during Sept’23

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Last month saw the highest decline of Russian aluminium stocks in LME-registered warehouses since the beginning of this year due to a significant cancellation of warrants in LME warehouses in South Korea's Gwangyang at the end of the said month.

The high share of Russian aluminium in LME warehouses was a concern for many companies competing with Rusal and those avoiding Russian metal since the conflict with Ukraine.

In August 2023, the share of Russian aluminium stocks in LME warehouses grew to 81 per cent from 80 per cent in July.

In July itself, Norwegian aluminium producer Norsk Hydro even asked LME to reconsider its decision not to ban Russia-origin aluminium from its warehouse network, stating its fear that a large volume of Russian aluminium stocks weighed on the LME benchmark prices.

Tagged with:

Aluminium LME Price Inventory

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EDITED BY : DEBANJALI SENGUPTA 1MINS READ

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