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**Rusal Challenges LME Warehouse Regulations Amid Legal Battle**
Russia’s Rusal, a major global aluminum producer, is currently embroiled in a legal dispute with the London Metal Exchange (LME) over new warehouse regulations. These rules, aimed at improving efficiency and transparency, have sparked controversy and are now under review due to Rusal’s lawsuit.
In November 2013, the LME introduced a revised policy requiring warehouses with metal delivery delays exceeding 50 days to increase their metal deposits. The regulation was set to take effect on April 1, 2014, but it has been temporarily suspended following Rusal’s legal challenge. The company argues that the rule undermines its rights and fails to address the root causes of long waiting times.
The LME also plans to strengthen oversight for companies that operate both LME-registered warehouses and their own facilities, aiming to prevent conflicts of interest and improper information sharing. However, the court recently ruled in favor of the LME on most issues, though it did side with Rusal on one procedural point—suggesting that the LME should consider banning or limiting warehouse rent collection.
Despite this partial victory, the LME remains confident in its position and is considering further legal actions, including appeals. As a result, the full implementation of the new warehouse rules has been delayed, but other reforms from the 2013 announcement will proceed as planned.
Rusal, which has struggled financially in recent years, stands to be significantly impacted by these changes. Analysts suggest that the new regulations could flood the market with more aluminum, reducing premiums and harming producers like Rusal. In 2013, the company reported a net loss of $3.2 billion, marking one of its worst financial performances in over a decade.
Long delays in warehouse deliveries have also led to increased storage costs, prompting complaints from U.S. aluminum consumers such as MillerCoors. Many companies have taken legal action against the LME, accusing it of enabling price manipulation by large financial institutions like JPMorgan and Goldman Sachs.
The LME has faced numerous lawsuits over its practices, with 26 class-action cases filed in the U.S. alleging anti-competitive behavior. While the LME denies these claims, it continues to defend itself in court.
Despite the ongoing legal challenges, the LME has seen strong performance in 2013. It became part of the Hong Kong Stock Exchange Group in late 2012 and reported significant growth in trading volumes, particularly in nickel, copper, and aluminum. The exchange generated HKD 1.21 billion in revenue for the year, with a net profit of HKD 326 million—an impressive increase from the previous year.
As the legal battle continues, the future of the LME’s warehouse policies remains uncertain, with far-reaching implications for the global aluminum market.
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