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Aluminum Buyer Novelis Excludes Russian Metal in Supply Deal

  • Novelis issued a tender this week for 2023 supply in Europe
  • Move may set the tone for industry contract negotiations
Rolls of aluminum foil at a mill in Sayanogorsk, Russia.

Rolls of aluminum foil at a mill in Sayanogorsk, Russia.

Source: Bloomberg

Updated on

Novelis Inc., one of the world’s biggest buyers of aluminum, said it won’t accept Russian metal in potential new deals to supply its European factories next year, a move that may set the tone for upcoming contract negotiations across the industry.

Russia is a key producer of aluminum, nickel and copper, none of which have been sanctioned by Europe or the US. While some in the industry -- particularly in Europe -- have been trying to avoid Russian metal since the invasion of Ukraine, much of the global trade takes place through annual or multi-annual deals that were already in place when the war started.