Just as Aurubis and Codelco aim to grab market share in Europe by replacing Russian metal, they risk losing market share in Asia if large amounts of Russian copper are displaced from the European market.
Global aluminum prices soared after news the Biden administration is considering an effective ban on Russian imports of the metal used in transport and construction.
The White House is eyeing three options: an outright ban, increasing tariffs to levels so punitive they would impose an effective ban, or sanctioning Rusal.