Aluminum price climbs as Europe prepares ban on Russian imports
me-metals: Aluminum rose in London as the European Union readied a proposal to gradually ban imports of the metal from Russia.
According to me-metals cited from mining.com, The plan — which has been circulated among member states as part of a broad sanctions package — would allow European buyers to import 275,000 metric tons of the Russian metal under a quota system for a one-year period, before a full ban comes into effect, people familiar with the matter told Bloomberg.
There have been calls for the EU to ban Russian aluminum ever since February 2022 invasion of Ukraine, and Russia’s shipments to the bloc have fallen steadily as manufacturers have sought out alternative suppliers. But some buyers and member states have resisted such measures up until now, on the grounds that some key products will be hard to replace in full.
The EU bought about 320,000 tons of unwrought aluminum from Russia in the first 11 months of 2024, accounting for 6% of total imports, according to UN Comtrade data. Meanwhile, Russian sales to China have risen sharply.
Aluminum prices on the London Metal Exchange rose 2% to $2,624.50 a ton as of 3:15 pm local time, while other metals were mixed. Copper rose 0.6% to $9,039 a ton, while lead climbed 1.7%.
Metals traders remain focused on the potential repercussions from a US-led trade war. White House press secretary Karoline Leavitt reiterated Tuesday that levies on China, Canada and Mexico will start as soon as Feb. 1. In addition, US President Donald Trump has said he wants to impose across-the-board tariffs that are “much bigger” than 2.5%.
source: mining.com
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