Rusal Says ‘No Basis' for Any LME Ban on Russian Aluminum [BNN Bloomberg (Canada)]
Alcoa Corporation (AA)
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Source: BNN Bloomberg
up its pushback after US rival Alcoa Corp. said the exchange should stop accepting Russian metal. The metals industry has been grappling with the question of how to handle Russian supplies since the invasion of Ukraine in February, but the debate has intensified in over the past month or so. Last week, the LME confirmed it was considering launching a discussion paper on whether to block new supplies of Russian metal from being delivered to its network of warehouses. Russian aluminum is not sanctioned by the US or European Union. However, certain European buyers have been trying to avoid Russian production, and some in the industry have expressed concern that big volumes of unwanted metal could be dumped onto the LME, depressing and distorting the global benchmark price. “Rusal refutes in the strongest terms and suggestion that it is planning to deliver large quantities of metal on the LME, in Europe, the U.S. or any other location,” the company said in a statement on Wednesday.
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