ASIAN MORNING BRIEF 13/04: LME aluminium prices hit six-year high; European aluminium premiums jump after sanctions levied vs Rusal; Rotterdam aluminium inflows surge by 100,000 tonnes

The latest news and price moves to start the Asian day on Friday April 13.

Aluminium prices on the London Metal Exchange soared to a six-year high on Thursday April 12 with the market continuing to react to recent US sanctions against Rusal, while the rest of the base metals complex fell. Read more in our live futures report.

Here are how prices looked at Thursday’s close:


The sanctions on Rusal have pushed European aluminium premiums to their highest level since 2015, rising 8% since last Thursday, according to Metal Bulletin’s pricing assessments.

Additionally, Rotterdam received aluminium deliveries of more than 100,000 tonnes the morning of April 12, after the LME announced that it would suspend the placing of Rusal metal on-warrant.

Meanwhile, Moody’s and Fitch both withdrew their credit ratings for Rusal - the latest financial woes for the company since US sanctions were implemented this month.

Vedanta Resources subsidiary Sterlite Copper has declared force majeure on contracts to supply its Tuticorin smelter with copper concentrates.

North American welded tube mills have raised prices by $60 per ton ($3 per hundredweight) in order to keep up with steadily rising costs for hot-rolled coil substrate.

Ferrous scrap export volumes rebounded from the United States in February following a downward correction in prices the previous month and improved demand from steelmakers in multiple major destinations.

US steel traders are reportedly testing the waters for offers on steel wire rod imports, but pricing for the product is far from firm.

Turkey’s Tosyali is planning to invest in an integrated steel plant in southern Turkey, according to the company’s top executive.

What to read next
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
Green shoots of increased demand will emerge in US ferrous markets courtesy of the Biden administration’s trillion-dollar infrastructure package in 2023, Schnitzer’s executive vice president and chief strategy officer Richard Peach said at Fastmarkets’ Steel and Scrap Conference 2023 in Dallas, Texas
US special bar quality steel prices rose in January in line with rising scrap and alloy costs, according to market participants
European metal industry association Eurometaux has called on the European Commission to follow the lead shown by the Inflation Reduction Act and deliver a “powerful” policy to support the industry in the EU while it tries to keep up with the move to a new generation of energy markets
The fallout from Russia’s invasion of Ukraine is changing global trade flows for bauxite, with Brazilian material once again flowing into China and with the introduction of export restrictions elsewhere likely to influence availability through 2023
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed