• About
  • Advertise
  • Contact
Saturday, May 10, 2025
Manhattan Tribune
  • Home
  • World
  • International
  • Wall Street
  • Business
  • Health
No Result
View All Result
  • Home
  • World
  • International
  • Wall Street
  • Business
  • Health
No Result
View All Result
Manhattan Tribune
No Result
View All Result
Home Business

The European Union is preparing to ban Russian aluminum .. Prices rise and commercial tensions are rising economy

manhattantribune.com by manhattantribune.com
29 January 2025
in Business
0
The European Union is preparing to ban Russian aluminum .. Prices rise and commercial tensions are rising economy
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Aluminum prices saw a remarkable increase on the London Metal Stock Exchange, as it jumped 0.7% to the price of the ton of $ 2590, in light of the European Union’s readiness to impose a gradual ban on metal imports from Russia, according to a report published by Bloomberg.

Ban Russian aluminum

This decision comes within a new package of European sanctions against Moscow, as the union member states seek to reduce dependence on Russian products in light of the continuation of the war on Ukraine.

According to a source familiar with Bloomberg, the plan includes a transitional phase in which 275,000 metric tons of Russian aluminum are allowed to be imported through the shares system for one year, before the full ban is entered into force.

Russian aluminum imports have already declined steadily since the beginning of the Russian -Ukrainian war (Reuters)

This decision is a fundamental shift in European sanctions policy, as there was severe resistance from some member states and manufacturers who considered that complete dispensation with Russian aluminum would be difficult due to the lack of sufficient alternatives in the European market. However, Russian imports have already declined steadily since the beginning of the Russian -Ukrainian war, as manufacturers began searching for two other suppliers to reduce dependence on Russian minerals.

Europe is in an economic dilemma

According to the data of the “UNC Water” organization, which was conveyed by the Bloomberg report, the European Union imported about 320,000 tons of non -treated aluminum from Russia during the first 11 months of 2024, representing 6% of the total imports of the European Union of aluminum.

Meanwhile, Russia’s exports of metal to China have increased significantly, indicating that Moscow has begun to redirect its trade towards Asian markets.

Mineral markets are in a state of tension

Not only high aluminum prices, but other mineral markets witnessed a state of fluctuations, as bullets recorded 0.9%, while copper settled at levels of less than 9 thousand dollars per ton.

Economic analyst Mark Burton, whose report was published via Bloomberg, believes that global markets are monitoring the implications of the potential European ban, as this decision is expected to reshape global supply chains and increase the demand for minerals from alternative sources.

“The new restrictions on Russia will force many European companies to search for new suppliers, which may lead to more prices in the short term,” a London Metal merchant told Bloomberg.

Global markets monitor the caution of the consequences of the potential European ban (Reuters)

A commercial war looming on the horizon

While Europe continues to impose new sanctions on Moscow, fears are increasing regarding the escalation of a global trade war, as the report confirmed that the White House is planning to impose new customs definitions on China, Canada and Mexico as of February 1.

White House spokeswoman Caroline Levit said that President Donald Trump intends to impose comprehensive customs definitions that will be “much larger than 2.5%”, which increases the possibility of extensive economic disturbances that may affect the mineral markets unprecedentedly.

Does the metal market enter a crisis?

With the escalation of commercial restrictions, the aluminum and other minerals sector is expected to witness a new wave of fluctuations, as the European ban may increase pressure on manufacturers and raise production costs, which will be reflected in consumers in Europe and abroad.

“If this escalation continues, European companies will face unprecedented challenges in securing their mineral supplies, which may raise prices to historical levels,” the London Stock Exchange analyst told Bloomberg.

Tags: aluminumbancommercialeconomyEuropeanpreparingpricesriserisingRussiantensionsUnion
Previous Post

What are the repercussions of the continued ban on the export of poultry of the Kurdistan region of Iraq? | economy

Next Post

Do Germany elections restore power to the largest economy in Europe? | Economy news

Next Post
Do Germany elections restore power to the largest economy in Europe? | Economy news

Do Germany elections restore power to the largest economy in Europe? | Economy news

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Category

  • Blog
  • Business
  • Health
  • International
  • National
  • Science
  • Sports
  • Wall Street
  • World
  • About
  • Advertise
  • Contact

© 2023 Manhattan Tribune -By Millennium Press

No Result
View All Result
  • Home
  • International
  • World
  • Business
  • Science
  • National
  • Sports

© 2023 Manhattan Tribune -By Millennium Press