LME says no sign of metal offloading after report about Rusal
LONDON - The London Metal Exchange said on Wednesday it does not see evidence of metal moving into its warehouses on a long-term basis after Bloomberg News reported that Russia's Rusal was working on a plan to deliver its aluminium to LME facilities.
Neither Rusal, nor its metal, is under sanctions imposed on other Russian companies after Moscow's invasion of Ukraine in February, which it calls a "special military operation".
According to a report on Tuesday by Bloomberg News, which cited unnamed sources, Rusal has discussed shipping some aluminium from Russia’s far eastern port of Vladivostok to LME warehouses in Asia.
Rusal is currently considering delivering a small portion of its production as a pilot test, as it is mindful that large inflows of aluminium into LME inventories could push down prices, the report added.
Rusal did not respond to a Reuters request for comment.
The LME said in response to query by Reuters about the report: "We do not currently see any evidence of LME warehouses being used to offload metal on a long term basis."
Metal movement has remained relatively constant over the last 12 months, the LME added.
"Our priority is to maintain an orderly market for the benefit of all market participants. We will, therefore, keep the situation under constant review," it said.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.
VISIT SHOWROOM
For over 15 years, Lilak Aluminium, a trusted leader in architectural extrusion supply, has delivered excellence to businesses like yours.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
