CHARTS: EV battery metals bill sets new low as lithium, nickel, cobalt price slump continues
The raw materials bill for the average EV is now down to $510 compared to a peak of more than $1,900 at the beginning of last year.
The chairman of EN+, which owns a 57% stake in aluminum producer Rusal, dismissed media reports that Washington is weighing restricting imports of Russian metal, saying Rusal remained in full compliance with US regulations.
Media reports on the possibility of import restrictions of Russian aluminum were “irresponsible market speculation,” EN+ Chairman Christopher Burnham said.
Global aluminum prices soared after the news because Rusal is the world’s largest aluminum producer outside China, supplying the world with 6% of its needs estimated at around 70 million tonnes this year.
“The article is simply wrong … We are committed to fulfilling our contracts in the USA and worldwide,” Burnham said in a statement.
Rusal was subject to US sanctions between April 2018 and early 2019, when its founder, businessman Oleg Deripaska agreed to relinquish control in exchange of removal of sanctions from the aluminum producer.
“When the US sanctioned Rusal aluminum in that year, the LME price [the London Metal Exchange] jumped 29% and there was a scramble to find alternative material by US manufacturers,” Burnham said.
“Irresponsible market speculation of this sort only benefits our competitors who have publicly advocated for restricting our market access, but hurts the American consumer and the US economy,” he added.
US-based aluminum producer Alcoa Inc on Thursday said it is lobbying the White House to block American imports of the metal from Russia.
(By Polina Devitt; Editing by Jan Harvey and David Evans)
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