Aluminum prices in London surged as the European Union prepared to introduce a phased ban on Russian imports. The proposed measure, part of a broader sanctions package, would initially allow a quota of 275,000 metric tons for one year before imposing a full ban, according to sources.
Since Russia’s invasion of Ukraine in 2022, calls for an aluminum ban have grown, and EU imports from Russia have already declined as manufacturers seek alternative suppliers. However, some European buyers and member states have resisted a total ban, citing challenges in replacing certain products.
The EU imported approximately 320,000 tons of unwrought aluminum from Russia in the first 11 months of 2024, making up 6% of total imports. Meanwhile, Russia has significantly increased sales to China.
Following news of the EU’s proposal, aluminum prices on the London Metal Exchange rose 2% to $2,624.50 per ton, while copper and lead also gained. Traders are closely watching the impact of global trade tensions, particularly upcoming US tariffs on China, Canada, and Mexico. The White House reaffirmed that these levies will take effect on February 1, with President Donald Trump hinting at even broader trade restrictions in the future.
