Aluminum market news: The U.S. Novelis, a subdivision of India’s Hindalco Industries Ltd, one of the world’s largest aluminum consumers, plans to refuse to buy Russian metal for the supply of its European plants starting in 2023. It is reported by Bloomberg, citing a company spokesman and sources.

The company announced a tender for supply of metal to its European facilities this week. The terms of the tender specify that no Russian-origin aluminum will be allowed in any deals. This may affect the aluminum alloy market. 

Bloomberg’s sources report that existing contracts will not be affected by the ban. Bloomberg notes that if other companies having plants in Europe will refuse Russian metal, Russian producers will have to seek new customers, which could dramatically change the situation in the market.

Russia is one of the largest suppliers of aluminum, nickel, and copper in the world. These metals have not been subject to European or U.S. sanctions.

Novelis Inc. -an American aluminum products company-is owned by the multinational Hindalco Industries Novelis.

Earlier we reported that the Austrian industry is demanding help amid a tenfold increase in the cost of natural gas.