Loading ...The London Metal Exchange’s decision not to ban Russian metal from its warehouses has triggered a rush to conclude contracts with the country’s two big producers.
The LME’s discussion about whether to ban Russian metal had prompted some buyers to delay signing annual supply deals with MMC Norilsk Nickel PJSC and United Co. Rusal International PJSC. Now contracts with both companies are being finalized.
Sales have picked up since the LME’s decision, Rusal said. Contracts in North America are being settled, although sales will drop 4% to 5% because some customers are unwilling to buy Russian metal, said Brian Hesse, owner and chief executive officer of PerenniAL, the exclusive marketer of Rusal aluminum into the region.
Russia’s mining giants rush to sell metal after LME green light