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Tuesday, February 28, 2023 - 22:37:08
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Mining News Pro - The London Metal Exchange (LME) said on Tuesday it has suspended the inflow of Russian base metals into its US registered warehouses due to the planned imposition of tariffs on Russian metal by the United States.
The United States said on Friday it would impose a 200% tariff on aluminum and derivatives produced in Russia from March 10, and the LME said it also raised tariffs on other metals.
“For the avoidance of doubt, no further changes are being made to the ability to warrant Russian metal in warehouses outside of the US,” the LME said in a statement.
An LME warrant is an ownership document for metal in LME linked warehouses.
The exchange, the world’s oldest and largest market for industrial metals, said it has suspended immediately the warranting of Russian-origin primary aluminum, copper, lead, nickel or American aluminum alloy (NASAAC).
The action was taken “in order to minimize the risk of price dislocation”, the statement said.
There was very little Russian metal already in US warehouses registered with the LME – only 400 tonnes of NASAAC, which would now not be available to settle NASAAC futures, it added.
The LME is owned by Hong Kong Exchanges and Clearing Ltd.
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