How a ban on Russia’s mining giants could shake the metals world
A possible ban on Russian supplies by the London Metal Exchange would be a seismic event for the metals industry, cutting some of the world’s biggest companies off from the main global marketplace.
To be clear, the vast majority of global metal is sold from producers to traders and consumers without ever seeing the inside of an LME warehouse. And big producers, including top Russian groups United Co. Rusal International PJSC and MMC Norilsk Nickel PJSC, almost never sell their metal directly on the LME.
Of course, the LME is considering this drastic step because it’s worried about a similarly disruptive possibility if it doesn’t take action: that Russian metal that many consumers refuse to touch will flood onto the exchange and cause its prices to stop being useful as global benchmarks. As a result, any move by the LME could create headaches for Rusal and Nornickel, as well as their biggest customers. Glencore Plc in particular has a vast multi-year contract to buy commodity-grade aluminum from Rusal.
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