Aluminum prices on the LME hit their highest level in almost a month on Wednesday, topping $2,600/t following news that the European Union is considering further sanctions on Russian aluminum products. Prices later gave up gains, notes ING commodities analyst Ewa Manthey.
The EU is expected to adopt the new measures next month
“The proposed measures would be part of the 16º EU sanctions package, marking the third anniversary of the war. The restrictions on aluminum would be gradual, with a time frame and scope yet to be determined, according to reports. Preliminary proposals are still being discussed among member states and could change before being formally presented. The EU is expected to adopt the new measures next month.”
“The US and the UK banned the import of metals produced in Russia in 2024. So far, the EU has banned aluminum products, including wire, tube, pipe and aluminum foil, which account for less than 15% of the imports from the EU. Russia is the world’s largest aluminum producer outside China, accounting for around 5% of global aluminum production.”
Source: Fx Street
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