In the first week of March, global Aluminium Ingot prices were largely stable as the US expanded its punitive monetary measures against Russia into the metals and mining sectors. Global Aluminium Ingot prices have fallen by roughly 39.2% since reaching a high in March 2022 following the invasion, putting pressure on producer margins. According to Aluminium Ingot market participants, the US government announced new sanctions, including measures that will significantly increase the cost of importing Russian Aluminium. The hardest-hit metal will be Aluminium Ingot, as 200% tariffs will be imposed on imports of Russian Aluminium starting on March 10 and on any product from a third country containing Russian metal starting April 10. The US authorities proclaimed they would raise tariffs on more than 100 Russian metals, minerals, and chemical products, totaling USD 2.8 billion in value to Russia.

As per market participants, the actions will substantially increase prices for Aluminium Ingot that was smelted or cast in Russia to enter the US market. While the US and Europe have levied broad sanctions on Russia in response to its invasion of Ukraine, industrial metals such as Aluminium have avoided restrictions. The US administration had considered several alternatives for months, with tariffs being the least severe. Traders closely scrutinize transactions in Aluminium Ingots to determine whether any sanctions or tariffs will impact the overseas market. About 10% of US imports are typically made up of Russian products, though the majority are value-added goods rather than bulk imports, and US consumers include both the construction and the automotive industries.

According to major players, the global Aluminium Ingot market is expected to be relatively unaffected. Although the proclamation cited the need to protect US manufacturers from rising global energy prices in the wake of Russia's invasion of Ukraine, it is unlikely that the levies will have much of an impact on the profits and output of domestic Aluminium Ingot production companies like Alcoa Corp., Century Aluminum Co., and Rio Tinto Plc. US consumers will have to increase imports from other countries to fill that supply gap because the new 200% tariff effectively acts as a ban on Russian imports. Alternative supplies are already on their way from the Middle East, with India, Argentina, and Australia filling in the gaps. As a ripple effect, ChemAnalyst believes that the tariffs will have little impact on the US Aluminium Ingot segment, as the country imports only a small portion of its Aluminium from Russia. Aluminium Ingot prices are forecasted to remain stable in the global market.