Aluminum Gets Iran-Style Crisis as Rusal Shut Out of Market [Bloomberg Business News]
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Source: Bloomberg Business News
The aluminum market is having its own Iran oil moment. Similar to how U.S. and European sanctions in 2012 cut Iran’s oil sales to the world, last week’s American penalties on United Co. Rusal look set to freeze the Russian company’s aluminum out of western markets. The reaction has already been severe: prices are up more than 10 percent and the world’s biggest metals exchange will stop accepting new Rusal supplies. The market has been roiled because Rusal accounts for 6 percent of global output of the metal -- more than Iran’s share of the oil market. Users outside China are particularly reliant on Rusal. Metal supplied by billionaire Oleg Deripaska’s firm is estimated to make up a third of inventories on the London Metal Exchange. Stacking Up Here's how Rusal's total output compared with other supplies in 2017 Sources: International Aluminum Institute, United Co. Rusal, Chinese Customs “We can’t make it without Rusal,” said Colin Hamilt
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