Some buyers have said they are shunning Rusal's metal, while others are securing price discounts at the same time as the industry negotiates supply deals for 2023.
Reuters sources say the exchange was planning to discuss banning new deliveries of Russian metal so its warehouses cannot be used to offload hard-to-sell stock.
Aluminum traders had seen this movie before back in 2018, when US sanctions on Rusal's owner Oleg Deripaska caused massive upheaval along the entire length of the global supply chain.