Novelis Inc., one of the world's largest aluminum buyers, has said it will not accept Russian metal in potential new deals to supply its European plants next year.
At the same time, existing Novelis contracts providing for the supply of Russian metal will not be affected by the new conditions, the sources said.
On August 9, the price of aluminum on the London Metal Exchange rose above $2,500 per ton for the first time since June 28, 2022.