Enquire: +86-571-88225041
Email: aluinchina@hotmail.com
Your Location > Home > News & Market >Domestic News > LME upholds Russian metals ban, views differ
Today' Focus
-
Hangzhou Jinjiang Group's general manager Zhang Jianyang, vice general manager Sun Jiabin and their team had attended the SECOND BELT AND ROAD FORUM FOR INTERNATIONAL COOPERATION, they also attended the signing ceremony of comprehensive strateg...
International News
Domestic News
Domestic News
LME upholds Russian metals ban, views differ
- China Aluminium Network
- Post Time: 2022/11/18
- Click Amount: 970
-
【Aluminum Road Network】
The London Metal Exchange (LME) has announced that it will continue to accept Russian metals as premium delivery for its industrial metals contracts, at least for now.
The company's decision was based on the fact that "it is likely that further tonnes of Russian metal will be secured - if not immediately - in the LME's physical network."
This poses the risk of LME pricing shifting from global benchmarks to Russian benchmarks, creating a disconnect between paper and physical markets.
With no formal sanctions imposed by the government on Russian aluminum, copper and nickel, it all depends on how many companies choose not to use Russian metals in their 2023 supply contracts.
Many countries will self-sanction. But many don't. A London Metal Exchange (LME) discussion paper on the acceptability of Russian metals shows just how divided the global steel industry is at the moment on the issue.
This apparent divergence leaves HKEx with no choice but to take a wait-and-see approach.
split in the middle
The LME received 42 written responses to its discussion report, 11 from traders and banks and 11 from producers.
Many companies are responding after taking stock of customer intentions for the next year. Industry associations are also joining the debate, meaning feedback comes from a broad cross-section of the supply chain.
Opinion was almost divided, with 22 wanting no change and 17 calling for an immediate suspension. Two agencies backed the threshold for buying Russian metals, arguing the option was too complicated, while one abstained. Source:
- Copyright and Exemption Declaration :①All articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China
Aluminium Network (www.gjtscc.com). When transshipment, any media, website or individual must list the source from "China
Aluminium Network (www.gjtscc.com)". We seek legal actions against anyone that disobey this.
②Articles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or
accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the
articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey
this.
③If any articles copied by our website concern the copyright and other problems, please contact us within one week.
