LME Halted Flow of Russian Metals to U.S. Warehouses

The decision follows planned imposition of tariffs of up to 200% on Russian-origin metal by the U.S. administration.

SEATTLE (Scrap Monster): The London Metal Exchange, in a news release, said that it has suspended the flow of Russian metals into its registered warehouses in the U.S. The decision follows planned imposition of tariffs of up to 200% on Russian-origin metal by the U.S. administration.

On February 24, 2023, the U.S. authorities had announced their decision to impose additional tariffs of 200% on certain Russian origin and third country manufactured aluminium articles and aluminium derivative articles with effect from 10th March. Also, it had decided to raise the non-most favoured nation tariffs on specified Russian origin aluminium articles as well as other metals including copper, lead and nickel by up to 70%.

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The Exchange notified that it has suspended with immediate effect, the warranting of Russian-origin primary aluminum, copper, lead, nickel or American aluminum alloy (NASAAC), in order to minimize the risk of price dislocation. Accordingly, the 400 tonnes of NASAAC with the LME-listed warehouses in the U.S., will now be not available for future settlements, LME noted.

It must be noted that there is currently no Russian primary aluminium, copper, lead and nickel on warrant in US warehouses.