Aluminium market expects price pressure from Rusal sanctions relief

摘要

Aluminium market participants in the United States and Europe expect further downward pressure on premiums and London Metal Exchange prices following the US Treasury Department’s announcement that sanctions against UC Rusal will be removed.Sanctions were imposed against Rusal in April, followed by several extensions of general licenses that allowed companies additional time to wind down their contracts with the Russian aluminium supplier. The US Treasury’s Office of Foreign Assets Control announced on Wednesday December 19 that sanctions will be removed in 30 days - pending US Congressional approval - due to significant restructuring and corporate governance changes.Rusal released a statement Thursday December 20, warning investors that the US Treasury’s decision is not final.