Aluminium wires being lifted in China. The country and the US have had a dispute about the metal
Aluminium prices hit three-month highs this week following embargoes on a major Russian producer, Rusal, and an unresolved supply disruption at an Alunorte refinery in Brazil. It is considering redirecting these volumes to other markets now, he said, and while it works through that process had suspended pending shipments.
Top commodity dealers in Japan have asked United Company RUSAL to stop shipping refined aluminum and other products after the Russian firm was added to the U.S. sanctions list.
The company's Japanese customers include Mitsubishi, Marubeni, Sumitomo and Mitsui.
Mitsubishi, Marubeni and Mitsui declined to comment, saying they do not talk about specific commercial deals. "It's needed to alleviate some tightness", he said.
Rusal is encountering problems at the other end of its production cycle too, with the sanctions taking a toll on the overseas operations that supply it with the raw materials it uses to produce metal.
London Metal Exchange aluminum topped $2,400 a ton on Monday for the first time in more than six years and is holding near there on Tuesday.
Читайте также: Noticeable Stock: Rigel Pharmaceutical (RIGL)"Rusal asked us to halt payments soon after the USA sanctions were announced as they can't access USA dollar accounts", a source at a Japanese fabricator said.
Rusal and its major shareholder Oleg Deripaska were included on a USA sanctions blacklist this month, leading to anxiety among many of its customers, suppliers and creditors who fear they too could be hit by sanctions through association with the company.
Eoin Dinsmore, head of aluminium at CRU Group, estimated that a quarter, or just under 1-million tonnes, of global aluminium inventories outside China and outside the LME were likely to be Rusal-produced metal.
"Everyone has been on a search for substitutes and that pushed local spot premiums to around $200-$250 per ton by last Friday", he said. "The sanction came as a total surprise and we are in an nearly panic situation", a source at another trading company said.
Force majeure pressure on Monday drove aluminium prices to a new six-year peak as the dollar fell after Rio Tinto made declarations on some of its customer contracts following USA sanctions on its partner Rusal, according to a news service report monitored by businessamlive.
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