SEATTLE (Scrap Monster): The London Metal Exchange (LME) banned deliveries of some Russian produced metal into its accredited warehouses in Britain.
The exchange warned that there could be significant risks that those receiving such metal from British warehouses could be faced with exorbitantly high additional costs. It must be noted that the British government had imposed additional 35% duties on imports of several metals including copper, lead, primary aluminum as well as aluminum alloy with effect from 15th March, 2022.
Although some LME members called for bans on Russian metals in its system, the LME clarified that it would not go beyond the sanctions imposed by the British government on Russia.
The statement issued by the Exchange said that aluminum produced by Rusal and copper produced by Norilsk Nickel and JSC Uralelektromed could not be delivered into approved warehouses in Britain, if they are exported from Russia before March 25. Also, LME has suspended delivery of lead and aluminum alloy produced by Rusal and other three leading Russian producers.
As per LME data, none of the suspended metals are stored in in approved warehouse locations in Hull and Liverpool.
However, the Liverpool warehouse holds 1,416 tonnes of nickel, whose deliveries are not suspended till date. In addition, nickel happens to be not in the British list for additional duties.
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