Finance
Russian aluminium's share of LME stocks hit 60% in February
Published by Global Banking & Finance Review®
Posted on March 10, 2026
2 min readLast updated: March 10, 2026
Quick Summary
In February, Russian-origin aluminium made up 60% of available LME stocks—up from 58% in January—even as absolute volumes fell amid tightened EU warranting rules. Indian-origin aluminium remained steady at 36%.
Russian Aluminium Claims 60% of LME Stocks Amid EU Sanctions in February
Analysis of LME Metal Stocks and Impact of Sanctions
Russian Aluminium's Dominance in LME Warehouses
March 10 (Reuters) - The share of available aluminium stocks of Russian origin in London Metal Exchange warehouses rose in February from the previous month, data showed on Tuesday, just as the exchange tightened its policy on storage to address EU sanctions.
Available aluminium inventories on the LME - or those that are on warrant - have plunged to their lowest since May 2025 as disruption in the Middle East tightens supply.
Breakdown of Aluminium Stock Origins
The share of Russian aluminium among available inventories rose to 60% at the end of February, from 58% in January, while the proportion of metal of Indian origin was steady at 36%.
In absolute terms, the amount of Russian metal decreased by 3,375 metric tons to 251,700 tons, while Indian aluminium stocks fell by 4,225 tons to 152,500 tons as part of an overall decline of nearly 20,000 tons.
LME Policy Adjustments and Sanctions Compliance
The LME said last month it would suspend warranting of Russian aluminium in European Union warehouses from February 25 unless the metal owner or members provides attestation demonstrating compliance with EU sanctions.
Since April 13, 2024 it had already banned metal produced in Russia from its warehousing system to comply with U.S. and British sanctions. Metal made before that date can still be traded, but many traders have been avoiding it.
Trends in Copper and Nickel Stocks
Meanwhile, the share of China-made copper in available LME copper stocks fell to 64% last month, from 70% in January.
In absolute terms, Chinese copper stocks increased by 60,450 tons to 155,600 tons, but their overall share fell as inflows of more metal from Chile, Peru and South Korea swelled inventories.
Available copper inventories on the LME hit their highest since September 2024 last week as LME prices now command a premium over the previous default destination of the U.S. Comex exchange.
Nickel from China represented about 71% of available LME stocks at the end of last month, down around one percentage point from January.
(Reporting by Tom Daly; Editing by Alexander Smith)
Key Takeaways
- •Russian aluminium’s share of LME available inventories rose to 60% by end‑February, despite a drop of 3,375 t in absolute terms to 251,700 t
- •LME suspended warranting of Russian aluminium in EU warehouses from February 25, unless sanctions compliance is attested, tightening supply conditions
- •Stock ratios: Indian aluminium held steady at 36% (152,500 t, down 4,225 t), while Chinese-origin copper share fell to 64% amid rising inflows from Chile, Peru and South Korea
Frequently Asked Questions about Russian aluminium's share of LME stocks hit 60% in February
1What percentage of LME aluminium stocks was of Russian origin in February?
The share of Russian-origin aluminium stocks in the LME reached 60% in February, up from 58% in January.
2How have EU sanctions affected the warehousing of Russian aluminium on the LME?
The LME has tightened its policy, suspending warranting of Russian aluminium in EU warehouses unless compliance with sanctions is proven.
3What trend was observed in overall LME aluminium inventories in February?
Available LME aluminium inventories plunged to their lowest since May 2025, with an overall decline of nearly 20,000 tons in stocks.
4How did aluminium stocks of Indian origin change in February?
Indian aluminium stocks in LME warehouses remained steady at 36% of available inventories, but fell by 4,225 tons to 152,500 tons.
5Can metal produced in Russia before April 13, 2024, still be traded on the LME?
Yes, Russian metal produced before that date can still be traded, despite new warehouse and compliance restrictions.
