The U.S. is considering raising the import tariff on Russian-made aluminum by 200%.
This is to increase pressure on Moscow over its involvement in the war in Ukraine, but a decision still has yet to be made.
This news comes after a report was released by the London Metal Exchange (LME) that stated Russian metal is expected to make up a larger share of the stocks in its warehouses.
This follows the LME’s somewhat controversial decision to not ban Russian metal from being traded and stored in its system. This decision was made last year after it was indicated that a significant portion of the market still planned to buy Russian metal in 2023.
As of January 31st, 2023, Russian copper made up 94.2% of total LME copper inventories, up from 63% in early October 2022, and just shy of a historical high of 95%
Russian aluminum accounted for 40.6% of total LME aluminum inventories up from 14.9% in early October 2022. Finally, nickel is now sitting at 15.8% of total inventories, up from 1.4% in early October 2022.
We will keep you updated on all this news along the way!