The price of aluminum is increasing as Europe is ready to prohibit imports from Russia

The price of aluminum in London has risen after the European Union has prepared a proposal to gradually prohibit the import of mineral from Russia. The plan distributed to the member states within a large -scale penalty package will enable European buyers to enter 275 thousand metric tons of Russian metal origin according to the equity system for one year, before the comprehensive ban came into effect, according to the statements that the case disclosed the case. Calls for the European Union have emerged to prohibit the import of Russian aluminum since the invasion of Ukraine, and the export of metal from Russia to the conglomerate is constantly declining, in light of the manufacturers’ search for other suppliers, but some buyers and member states are so inconsistent with these measures, based on the fact that some basic products will completely replace. Also read: The European Union discusses the ban on Russian aluminum in a comprehensive sanction package. During the first 11 months of 2024, the European Union imported approximately 320,000 tonnes from Russia about 320,000 tonnes, representing 6% of total mineral imports, according to data issued by the United Nations Basic Commodity Trading Database (UN Comtrade), and in the same period, Russia’s exports were a sharp increase. The effects of Trump’s commercial war are waiting, the price of aluminum rose 0.7% to $ 2590 per tonne on the London metal share exchange, while the prices of other minerals ranged, and there was no change in the price of buyer at less than $ 9,000 per tonne, while the price of lead rose by 0.9%. Metal dealers are still paying attention to the expected effects of the US commercial war, with White House spokesman Caroline Levitte confirmed on Tuesday that the application of customs duties to China, Canada and Mexico will begin from the first of February. In addition, President Donald Trump said he wants to impose comprehensive customs definitions on all goods “much higher” than 2.5%.