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. Prices of aluminum, vital for transport, packaging and construction industries, were down 2.5% at $2,337 a tonne at 1652 GMT. Geoff Bennett . 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. "In imposing these tariffs, we are denying Russia an important market for its aluminum while taking a stand for Americas workers.". . What happens if more buyers refuse metals like aluminum from Russia 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. 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. UK House Prices Are Falling Again And There's More Pain Ahead. Sanctions on Russia aluminum could hurt global supply chains - CNBC 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. and 'Russiaand the PRC pose different challenges,' Biden wrote. Last week, the LME launched a consultation on the possibility of banning Russian aluminumalong with other metalsfrom 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The sanctions also fueled a jump in aluminum prices on the London Metal Exchange. Aluminium spikes 7% after report of U.S. ban of Russian supplies 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. "We're always considering all options," said a White House official. The industry leader for online information for tax, accounting and finance professionals. All quotes delayed a minimum of 15 minutes. The industry leader for online information for tax, accounting and finance professionals. 'It's brutal, it's beyond the pale,' he said, a day after he pledged ongoing assistance to Ukrainian President Volodymyr Zelensky. But now, the Biden White House is raising possible new, harsh sanctions on this vital sector. Biden administration may block Russian aluminum imports - CNBC Demand for Silicon Metal Declined amid Prolonged Impact of COVID-19 on Downstream Consumption [SMM Weekly Review]. Russian attacks using more than 100 missiles have killed at least 26 people across Ukraine since Monday, when Putin ordered what he called retaliatory strikes against Ukraine for an explosion on a bridge. Sources in the metal industry say there is concern that Russian metal producers will be unable to sell their metal and will deliver it to registered LME warehouses, which could distort prices. 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. Biden considers banning Russian oil but gas prices are already creeping "There is no movement on this as of now.". Rusal, the world's largest aluminum producer outside China, did not immediately reply to a Reuters' request for comment. 02:53. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. President Biden is considering a ban on Russian aluminum imports in response to the Kremlin's military escalation in Ukraine . 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. Biden administration considers ban on U.S. imports of Russian oil | PBS 20:44, 12 Oct 2022. Yuan Seen at 6.80 Per Dollar by Year End . The Nickel Prices Remained High in April, with the Greatest Increase of 17% in Spot Prices. Biden administration considers ban on U.S. imports of Russian oil In response to Russia's actions against Ukraine, the Biden administration is considering three options - a complete ban, sanctions on Russian aluminium producer United Co. Rusal International or increasing tariffs to levels that would imply an effective ban. SCOTT SIMON, HOST: Gas prices are up again. Affected by the news, LME aluminium once soared by 7% in overnight trading. Closed China-Myanmar Border Continued to Influence China's Rare Earths Imports. Benchmark aluminium was up 3.3% at $2,309 a tonne at 1612 GMT after briefly spiking 7.3% to $2,400 a tonne. WGC: The Net Inflow of Global Gold ETF in April was 77% Lower than that in March. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. 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. The imports of rare earth metal ore were 9,750 mt in February, and the imports in March rose 17.4% MoM. 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Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. It too did not immediately respond to request for comment. Offers may be subject to change without notice. Bloomberg reported last month that the White House was weighing possible sanctions or tariffs on Russian aluminum. here for reprint permission. "We continue to advocate for sanctions as the most effective means for the government to take action against Russia and level the playing field for U.S. 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. 12 Oct 2022 16:41:33 Rusal (RUAL.MM), the world's largest aluminum producer outside China, did not immediately reply to a Reuters' request for comment. Bloomberg reported on. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Rep. Josh Brecheen (R-OK) unveiled legislation on Friday that would ban using taxpayer dollars to promote Pride Month. Joseph Clark can be reached at jclark@washingtontimes.com. At the same time, the Russian economy has continued to perform better than expected despite repeated waves of economic sanctions. "We're always considering all options," said a White House official. 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. 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. U.S. to impose 200% tariff on aluminum from Russia -White House 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 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 . Sign up for theFortune Features email list so you dont miss our biggest features, exclusive interviews, and investigations. The White House is considering three options, a complete ban on Russian aluminium, raising the tariffs to punitive levels so as to enforce an effective ban or a sanction on Rusal, according to people familiar with the matter. Alongside our allies and partners, we will continue to impose costs on Russia for its aggression, hold Putin and Russia accountable for its atrocities and war crimes, and provide the support necessary for Ukrainian forces to defend their country and their freedom.. Increase in Spot Copper Concentrate TCs was Hindered by the Overseas Supply. . Recently, Jiangsu Guotai indicated that the prices of main raw materials for the electrolyte purchased from domestic suppliers have been declining. "Russian aluminum is still . Terms of Use / Aluminum prices on the London Metal Exchange (LME) surged 7% higher Wednesday on the back of Bloombergs report, briefly reaching $2,400 a ton. Ashlee Vance explores innovations in new tech, software, engineering, and science in places outside of Silicon Valley. Political Reporter For Dailymail.Com Log in to keep reading or access research tools. Russia's mining giants rush to sell metal after LME green light Aluminum traded on the London Metal Exchange soared as much as 7.3% -- one of the biggest intraday moves on record -- before settling 3.1% . The question of whether to ban Russian aluminium has been a hot topic in the metals industry in recent weeks. 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. President Joe Biden repeated his condemnation of Russia's latest tactic, targeting missiles on energy facilities and residential areas. See here for a complete list of exchanges and delays. 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. Rusal (RUAL.MM) is the world's largest aluminium producer outside China, supplying the world with 6% of its needs estimated at around 70 million tonnes this year. "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. The attacks have been condemned by the U.S., with Washington labeling Russias latest moves as brutal., In the wake of the new round of widespread missile strikes, which have killed at least 19 people, Ukrainian President Volodymyr Zelenskyy called on his countrys allies to impose more sanctions on Moscow in response to its new wave of terror.. 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. Share Key Points 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. RT @SamRamani2: BREAKING: The White House considers a complete US ban on Russian aluminum. 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. What happens if more buyers refuse metals like aluminum from Russia Andrey Rudakov | Bloomberg | Getty Images. Mr. Biden called the attacks beyond the pale, and pledged continued U.S. support as Russia escalates its bloody war in Ukraine. Front-month aluminum contracts on the LME were up by around 3.5% by the end of Wednesdays trading session, and on Thursday had edged even higher. . "There is no movement on this as of now." The Treasury and Commerce departments did not immediately respond to requests for comment from Reuters. Daily LME Base Metals Inventory Changes (June 20), Daily Updates on SHFE Base Metals and Stainless Steel Warrants (June 20). The Biden administration is considering raising tariffs on Russian aluminum to levels. All quotes delayed a minimum of 15 minutes. 13 Oct 2022 01:48:24 Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Our Standards: The Thomson Reuters Trust Principles. Earlier they touched $2,321.5, the lowest since Jan 9. Russian aluminum is produced by Rusal (RUAL.MM), which accounts for about 6% of global supplies. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Russian aluminum is produced by Rusal, which accounts for about 6% of global supplies. A Division of NBCUniversal. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Russia is the worlds second-largest producer behind China, accounting for 6% of the global aluminum supply. 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. Due to the importance of Russian metal products in many fields in cars, skyscrapers, iPhones, etc., they have so far been free from sanctions. U.S. considering complete ban on Russian aluminum -Bloomberg 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. SHANGHAI, Apr 25(SMM) - Silicon metal prices declined last week. 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. producers.". All quotes delayed a minimum of 15 minutes. The decision not to ban Russian metal from LME . "President Biden . 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. Aluminum futures with longer expiry dates into the end of the year and early 2023 were trading more than 3% higher on Thursday. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. $4 Gas Now a Reality as White House Weighs Ban on Russian Oil What happens if more buyers refuse metals like aluminum from Russia 2023 Fortune Media IP Limited. , updated 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. AAA says the average price yesterday was. Political Reporter For Dailymail.Com US considers ban on Russian aluminium imports amid Ukraine conflict Shares of Rio Tinto Plc, which produces aluminum as well as iron ore, copper and other metals, fell about 1% on Wednesday in London. Aluminum, producer stocks surge as Biden administration weighs Russia ban White House pride event . Supreme Court Rules on Gay Rights Case: Live Updates - The New York Times Attacks were also carried out in several other cities as far west as Lviv, some 40 miles from the Polish border. Previously, because aluminium is widely used in various fields such as automobiles, electronics and skyscrapers, western countries have not included Russian aluminium in sanctions. Transactions of Aluminium Scrap this Week were Poor amid Dropping Aluminium Prices. . The White House said Monday President Joe Biden hasn't made a decision yet about banning oil imports from Russia. The Treasury Department did not immediately respond to a request for comment from Reuters. 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White House Weighs Retaliatory Ban on Russian Aluminum (4) 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 Russia's military escalation in Ukraine. That has left few targets for world leaders intent on increasing pressure on Moscow. [SMM Monthly Topic]. See here for a complete list of exchanges and delays. 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. How will the nickel prices go in May? As a result, officials have been mulling a move on Russian aluminum for weeks. 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 consumers have already voluntarily chosen to. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. "There is no movement on this as of now.". producers.". A worker in April 2021 at Russias Rusalone of the worlds biggest producers of aluminum. 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. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Majority of Americans Back Russian Oil Ban Even if It Drives Up Gas Prices 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. Reuters The Treasury and Commerce departments did not immediately respond to requests for comment from Reuters. The United States will also apply a 200% tariff on aluminum imports of primary aluminum produced in Russia from April 10. 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. According to the data released by the World Gold Council, in April, the global gold ETF achieved a net inflow of 43 mt (about $3 billion), 77% lower than last month. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. U.S.-based aluminum producer Alcoa Inc on Thursday said it is lobbying the White House to block American imports of the metal from Russia following Moscow's latest military escalation in Ukraine . 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. Alcoa, the largest US aluminium manufacturer, sent a letter to the LME last month saying the Russian aluminium deal should not be allowed. 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.