All change, no change as LME bans new Russian aluminium

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The LME’s ban on accepting Russian primary aluminium produced after 13 April has seen the exchange price jump by over US$200/t. The new rules, designed to minimise market disruption by creating a two-tiered system for dealing with Russian aluminium produced on or before 13 April, may end up having the opposite effect. We would not be surprised to see further adjustments to the regulations. Indeed, traders have been busy cancelling warrants in a play to generate profit from rent-share agreements with warehouses. We may end up with Russian metal lingering in the LME system for a long time.

Table of contents

  • Executive summary
  • Disentangling Russian metal from the LME: easier said than done
  • What happens to Russian aluminium produced after 13 April?
  • All eyes on the EU

Tables and charts

This report includes 2 images and tables including:

  • Chinese imports of primary aluminium
  • Russian exports of primary aluminium to the US and EU 27

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    All change, no change as LME bans new Russian aluminium

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