A Russian export tax on aluminium and other base metals levied to curb inflationary risk in the country has stirred expectations of further increases in an already bullish physical market.
The Russian government approved temporary export duties Friday on 340 steel and non-ferrous metals sold outside the Eurasian Economic Union (EAEU), which are set to take effect from August 1 through December 31.Some market participants expected any duty to be bullish for European aluminium premiums in Europe, where high freight rates have disincentivized metal to flow to the region leading to a shortage of supply while demand stays healthy. Spreads...