Russian attacks using more than 100 missiles have killed at least 26 people across Ukraine since Monday, when Russian President Vladimir Putin ordered what he calledretaliatory strikesagainst Ukraine for an explosion on a bridge. RT @SamRamani2: BREAKING: The White House considers a complete US ban "Alcoa welcomes the imposition of tariffs by the U.S. government on Russian aluminum," the U.S. aluminum producer said. These attacks only further reinforce our commitment to stand with the people of Ukraine for as long as it takes, Mr. Biden said in a statement this week. , updated Now Its Going Mainstream, Fox News to Pay $12 Million to Settle Ex-Producers Lawsuits, ESPN Fires About 20 On-Air Employees in Latest Round of Job Cuts, Supreme Court Says All Americans Arent Created Equal, A Bidenomics Factory Boost, But Maybe Not in Reshoring, Supreme Court's Student Debt Rebuff Exposes Its Judicial Activism, The Air Jordan Drop So Hot It Blew Up an Alleged $85 Million Ponzi Scheme, How a Prison Gang Inspired by Hollywood Heists Stole $23 Million, How a $100 Cheetah Cub Becomes an Illegal $50,000 Status Symbol, Wells Fargo Staffers Claim Anti-Latino Bias in Predatory Lending Scheme, Fired Wells Fargo Director Claims Racial Bias inFinance Group, Tesla Charging Hype Has Gotten Carried Away, Lucid CEO Says, Hurricane Beatriz Strengthens Off Mexicos West Coast, India's New Parliament Is Symbol of Modi's Nationalist Vision, Seoul Pride Goes Ahead In Shadow of Rising Anti-LGBTQ Rhetoric, New Chinese Canadian Museum Spotlights Hidden Histories, Fidelity Leads Flurry of Bitcoin ETF Refilings to Answer SEC, Fidelity, Other Bitcoin ETF Applications Refiled by Cboe to SEC, Kraken Ordered to Turn Over Its Users Information to the IRS. Crucial consumer metal was shielded from earlier US sanctions, Move could force key industries into rush for replacements. Although the West has not yet sanctioned Russian aluminium, Russian aluminium trading has long been shunned by some big buyers in Europe and the US because of the potential risks. The tariffs are unlikely to significantly tighten the aluminium market in the United States as the country imports only a small percentage of its aluminium from Russia. White House mulling ban on Russian aluminum: reports . Neither Russian metal nor the companies that produce it have been targeted by sanctions imposed on some Russian companies in response to Russia sending troops into Ukraine last year. White House Weighs Ban On Russian Aluminum In Retaliatory Move by Benzinga Newsdesk, Benzinga Staff Writer October 12, 2022 11:20 AM | 18 seconds read Never miss a trade again with. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices White House officials met with industry representatives in recent weeks and told them there was no U.S. intention for now of levying sanctions that would hit Russian aluminum, the people. After the recent escalation of the conflict, the US decided to make some responses. The White House is eyeing three options: an outright ban, increasing tariffs to levels so punitive they would impose an effective ban, or sanctioning the company that produces the nation's. U.S. imports of unwrought aluminum and alloys from Russia amounted to 191,809 tonnes, or roughly 4.4% of the more than 4.4 million tonne total last year, compared with 8.9% in 2018 and 14.6% in 2017, according to Trade Data Monitor. 20:44, 12 Oct 2022. In terms of import structure, the imports of rare earth metal ore took up the largest proportion and stood at 11,000 mt in March, a year-on-year increase of 6.15%, all of which came from the United States. Lloyd Austin led a Ukraine Contact Group meeting in Brussels, part of a two-day series of talks with other defense ministers. What happens if more buyers refuse metals like aluminum from Russia SHANGHAI, Apr 25(SMM) - Silicon metal prices declined last week. Benchmark aluminium was up 3.3% at $2,309 a tonne at 1612 GMT after briefly spiking 7.3% to $2,400 a tonne. Biden administration considers ban on U.S. imports of Russian oil. LME prices on Friday shrugged of news of the tariffs because they don't stop consumers and traders in other countries from buying Russian aluminium and supplies are for now ample, metals analysts said. Russia is the world's second biggest producer of the metal. The European Union and the U.S. have largely held off sanctioning industrial metals, and Reuters reported last month that the two markets had increased purchases of Russian aluminum by as much as 70 percent. Rep. Josh Brecheen (R-OK) unveiled legislation on Friday that would ban using taxpayer dollars to promote Pride Month. Biden Team to Hold Off on Sanctions Hitting Aluminum From Russia SHANGHAI, Apr 22 (SMM) - Last week, the National Development and Reform Commission said that the crude steel output reduction policy will continue to be implemented in 2022, triggering market concerns about a reduction in iron ore demand and causing iron ore futures prices to plunge. Our Standards: The Thomson Reuters Trust Principles. The Biden administration is considering a complete ban on Russian aluminum -- long shielded from sanctions due to its importance in everything from automobiles and skyscrapers to iPhones -- in response to Russias military escalation in Ukraine. Russias missile attacks on civilian targets in Ukrainian cities this week have prompted calls for more Western sanctions on Moscow, and the first of those possible penalties are now coming to light. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Rusal , the world's largest aluminum producer outside China, did not immediately reply to a Reuters' request for comment. Biden administration may block Russian aluminum imports - CNBC Rusal declined to comment when contacted by Reuters. Terms of Use / In 2018, however, U.S. Treasury Department sanctions on Rusal froze the bulk of the company's exports, paralyzed its supply chain and scared off customers. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. The move, which has not been finalized, would reverse the White Houses previous restraint in targeting Russian aluminum over concern that doing so would boost prices for a range of consumer products and likely send shock waves through global markets. Aluminum futures with longer expiry dates into the end of the year and early 2023 were trading more than 3% higher on Thursday. U.S. imports of unwrought aluminum and alloys from Russia amounted to 191,809 tonnes, or roughly 4.4% of the more than 4.4 million tonne total last year, compared with 8.9% in 2018 and 14.6% in 2017, according to Trade Data Monitor. 'Russiaand the PRC pose different challenges,' Biden wrote. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Data is a real-time snapshot *Data is delayed at least 15 minutes. Biden is reported to be considering three options in terms of sanctioning aluminum produced in Russia: an outright ban; increasing tariffs on the metal to a level that would effectively impose a ban; or sanctioning Rusalthe firm that produces Russias aluminum. However, in the eighth month of the Russia-Ukraine war, fewer Russian products are available for the US and its allies to ban after a series of sanctions against Russia enforced by the US. 'Russia poses an immediate threat to the free and open international system, recklessly flouting the basic laws of the international order today, as its brutal war of aggression against Ukraine has shown. See here for a complete list of exchanges and delays. Neither Russian metal nor the companies that produce it have been targeted by sanctions imposed on some Russian companies in response to Russia sending troops into Ukraine last year. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. House, Senate Agree on Russia Trade Ban as Putin Moves Further Into Ukraine; [SMM Monthly Topic]. The White House is eyeing three options: an outright ban, increasing tariffs to levels so punitive they would impose an effective ban, or sanctioning the company that produces the nations metal, United Co. Rusal International PJSC, according to people familiar with the decision-making. The Biden administration is reportedly considering a total ban on Russian aluminum after Russia stepped up its assault on Ukraine with a storm of missiles directed at civilian targets this week. The White House said Monday President Joe Biden hasn't made a decision yet about banning oil imports from Russia. As a result, officials have been mulling a move on Russian aluminum for weeks. The United States will also apply a 200% tariff on aluminum imports of primary aluminum produced in Russia from April 10. Russia is the worlds second-largest producer behind China, accounting for 6% of the global aluminum supply. The LME last week launched a discussion paper on the possibility of banning Russian aluminium, nickel and copper from being traded and stored in its system. WASHINGTON (Reuters) -The United States will impose a 200% tariff on aluminum and derivatives produced in Russia from March 10, the White House said on Friday, effectively a ban as it announced sanctions on the anniversary of Russia's invasion of Ukraine. The United States will also apply a 200% tariff on aluminum imports of primary aluminum produced in Russia from April 10. SEE ALSO: Despite threats, Putin knows tactical nukes would be suicidal, Polands envoy says. SHANGHAI, Oct 13 (SMM) - According to some news, the Biden government is considering a complete ban on imports of Russian aluminium as a response to the recent escalation in the Russia-Ukraine conflict. And Russian aluminum accounts for about ten percent of all U.S. imports of the metal, which is used in everything from iPhones to automobiles and fighter jets. SHFE nickel remained high as a whole in April. Our Standards: The Thomson Reuters Trust Principles. Daily LME Base Metals Inventory Changes (June 20), Daily Updates on SHFE Base Metals and Stainless Steel Warrants (June 20). "There is no movement on this as of now." The Treasury and Commerce departments did not immediately respond to requests for comment from Reuters. The White House is reportedly considering escalating its economic crackdown on Russia by targeting one of its major commodity exports, a move that has rattled markets. White House Weighs Ban on Russian Oil Imports as Congress Fumes Measures to ban Russian crude gaining bipartisan support White House spokesperson says no decision has been made. 2023 Fortune Media IP Limited. The move will have wide-ranging ramifications for the global aluminium market, and consumers, including the US, may need to rush to find other alternative sources. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. All quotes delayed a minimum of 15 minutes. Increase in Spot Copper Concentrate TCs was Hindered by the Overseas Supply. 2023 CNBC LLC. People familiar with the matter also said that the US government did not sanction Russian aluminium in the early days of the Russia-Ukraine conflict, because it was worried that the act would disrupt the global supply order. A worker tightens a binding around a coil of aluminium wire at the United Co. Rusal aluminium smelting plant in Shelekhov, Russia, on Friday, April 9, 2021. Russia is one of the worlds biggest exporters of aluminum, with Rusal being the worlds largest producer of the metal outside China and accounting for around 6% of global production. The LME (London Metal Exchange), the world's largest industrial metals exchange, is also considering banning the trading of Russian aluminium. WASHINGTON, Oct 12 (Reuters) - The Biden administration is weighing restricting imports of Russian aluminum as it charts possible responses to Moscow's military escalation in Ukraine, a person briefed on the conversations told Reuters. Such a move would have wide-reaching repercussions for the globally traded aluminum market, potentially forcing consumers in the US AI-powered legal analytics, workflow tools and premium legal & business news. Last week, the LME launched a consultation on the possibility of banning Russian aluminumalong with other metalsfrom being traded and stored in its system. U.S. may block Russian aluminum imports -source | Reuters Aluminium spikes 7% after report of U.S. ban of Russian supplies SHANGAHI, May 4 (SMM) - Looking back on the trend of nickel prices in April, most of the trading days were in upward trend and only few were in downstream trend. In 2018, however, U.S. Treasury Department sanctions on Rusal froze the bulk of the company's exports, paralyzed its supply chain and scared off customers. Ashlee Vance explores innovations in new tech, software, engineering, and science in places outside of Silicon Valley. President Biden is considering a ban on Russian aluminum imports in response to the Kremlins military escalation in Ukraine, according to reports. The decision not to ban Russian metal from LME . Rob Crilly, Senior U.S. Western countries have imposed sanctions on Russian banks and wealthy individuals connected to President Vladimir Putin since Russia's invasion of Ukraine began in February, but so far there are no restrictions on buying Russian metal. Demand for Silicon Metal Declined amid Prolonged Impact of COVID-19 on Downstream Consumption [SMM Weekly Review]. Terms & Conditions. Biden administration considers a ban on Russian aluminum Such a move, which has not been finalized, would likely boost global prices for the metal used in a wide range of consumer products and could reverse a previous White House stance that such sanctions could wreak havoc on global markets. "It's brutal, it's beyond the pale," President Joe Biden said on Wednesday, a day after he pledged ongoing assistance to Ukrainian President Volodymyr Zelenskiy. Theres a $75 trillion reason the economy wont crash into a recession, top economist says: Baby boomers pent-up net CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. President Joe Biden repeated his condemnation of Russia's latest tactic, targeting missiles on energy facilities and residential areas. Biden considers banning Russian oil but gas prices are already creeping U.S. May Block Russian Aluminum Imports -Source - U.S. News Privacy Policy / The Biden administration is considering raising tariffs on Russian aluminum to levels. here for reprint permission. The White House says no decision has been made yet. Aluminum prices on the London Metal Exchange (LME) surged 7% higher Wednesday on the back of Bloombergs report, briefly reaching $2,400 a ton. U.S. considering complete ban on Russian aluminum -Bloomberg Sanctions on Russia aluminum could hurt global supply chains - CNBC The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Rusal declined to comment when contacted by Reuters. The Biden administration is considering a complete ban on Russian aluminum -- long shielded from sanctions due to its importance in everything from automobiles and skyscrapers to iPhones -- in . See here for a complete list of exchanges and delays. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Aluminum, Metal Producer Stocks Surge as US Weighs Russia Ban - Bloomberg Log in to keep reading or access research tools. During the summer, a massive container ship pulled into port loaded with sheets of plywood, aluminum rods and radioactive material all sourced from , Shipping containers are stacked together at , LISTEN: Why Americans do not trust the media, Click 02:53. Corruption follows the ideology | Opinion, Incredible Photos Show What Dubai Is ReallyLike, Golf, July 4 celebrations and more: 7 things to do in the D this weekend. What happens if more buyers refuse metals like aluminum from Russia FORTUNE may receive compensation for some links to products and services on this website. The Supreme Court on Friday sided with a web designer in Colorado who said she had a First Amendment right to refuse to provide services for same-sex marriages despite a state law that forbids . Offers may be subject to change without notice. Warning signs along Republicans road to the White House, Bidens spineless diplomacy: Comic relief and appeasement. Li-ion Battery Europe 2023 is at the forefront of expediting the development of EV & Li-ion Battery in Europe. Russia accounts for 5% of global aluminum production. Walt Disney has been accused of systematically underpaying women in California in a lawsuit that alleges the company's female employees in the state earned $150 million less than their male counterparts over an eight year period. $4 Gas Now a Reality as White House Weighs Ban on Russian Oil See here for a complete list of exchanges and delays. The industry leader for online information for tax, accounting and finance professionals. ', The comments below have not been moderated, By $4 Gas Now a Reality as White House Weighs Ban on Russian Oil. Sign up for free newsletters and get more CNBC delivered to your inbox. The administration's choices include an outright ban, raising tariffs to levels so punitive they would constitute an effective ban, or sanctioning United Co Rusal International PJSC, the company also known as Rusal that produces Russia's metal, according to Bloomberg, which first reported the conversations about an aluminum ban earlier on Wednesday. The White House is weighing an outright ban, raising tariffs to levels so punishing they would impose an effective ban, or sanctioning United Co Rusal International PJSC, the company that. 20:38, 12 Oct 2022 Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Oil Rallies As White House Considers Ban On Russian Oil Imports "In imposing these tariffs, we are denying Russia an important market for its aluminum while taking a stand for Americas workers.". LONDON, Oct 12 (Reuters) - Aluminium prices on the London Metal Exchange (LME) soared on Wednesday after Bloomberg reported that the United States was considering a ban on Russian aluminium in response to the conflict in Ukraine. 'We're always considering all options. Shares of Rio Tinto Plc (RIO.L), which produces aluminum as well as iron ore, copper and other metals, fell about 1% on Wednesday in London. Russia has unleashed a barrage of cruise missiles and armed drones that tore through neighborhoods in Kyiv, the Ukrainian capital, that for months had been largely spared from the heavy fighting since the battlefront shifted to the east. Russian attacks using more than 100 missiles have killed at least 26 people across Ukraine since Monday, when Russian President Vladimir Putin ordered what he called retaliatory strikes against Ukraine for an explosion on a bridge. March 7, 2022. . Notice: By accessing this site you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices, graphs or news content) in any form or for any purpose whatsoever without the prior written consent of the publisher. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. See here for a complete list of exchanges and delays. Prices of aluminum, vital for transport, packaging and construction industries, were down 2.5% at $2,337 a tonne at 1652 GMT. The Treasury and Commerce departments did not immediately respond to requests for comment from Reuters. The Biden administration tonight is considering a ban on U.S. imports of Russian crude oil to punish the Kremlin for its invasion of Ukraine and to further isolate Russian President Vladimir. Attacks were also carried out in several other cities as far west as Lviv, some 40 miles from the Polish border. In Proclamation 9704 of March 8, 2018 (Adjusting Imports of Aluminum Into the United States), the President concurred in the Secretary's finding that aluminum articles are being imported into. Meanwhile, his defense secretary was meeting with partners and allies in shoring up Ukraine's armed resistance. SHANGHAI, May 5 (SMM) -In addition to the battery leader CATL, other power battery factories also raised their prices. Reuters quoted a White House official as saying: "We're always considering all . See here for a complete list of exchanges and delays. White House weighs ban on Russian aluminum over - MiningWeekly.com and Political Reporter For Dailymail.Com Transactions of Aluminium Scrap this Week were Poor amid Dropping Aluminium Prices. The White House is weighing an outright ban, raising tariffs to levels so punishing they would impose an effective ban, or sanctioning United Co Rusal International PJSC, the company that produces Russia's metal, Bloomberg reported, citing unnamed people familiar with the decision-making. Crucial consumer metal was shielded from earlier US sanctions, Move could force key industries into rush for replacements, LME Starts Discussing Ban of Russian Metals. Russias Scrapheap-Worthy Fleet of Oil Tankers Gets an Infusion of Newer Ships, China Stock Investors See Humble 2023 Returns on Growth Fears, S. 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Aluminumused in architecture, cars, smartphones, and power lineshas so far evaded sanctions in the U.S., which has actually stepped up its imports of Russian aluminum since Moscows invasion of Ukraine in February, according to Reuters. Got a confidential news tip? On Thursday, the White House had tersely dismissed the idea of banning Russian crude oil imports, pointing out that doing so could cause oil and gasoline prices to rise even more than they. In 2019, precious metals and stones were the second biggest category of goods imported into the U.S. from Russia. Oct 22, 2022 11:55 AM PDT By Myra P. Saefong Speculation that the U.S. is considering a ban on aluminum from Russia contributed to a brief spike in prices for the metal a week ago, but some. Click ICD Brookfield Considers Stake Sale in Iconic Dubai Tower.