LME's green aluminum plan opposed by steel industry
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Update time : 2020-11-05 16:49:18
The London Metal Exchange (LME) planned to support sustainable metal production by setting up a low carbon aluminum spot trading platform in the first half of 2021, which was to courage registered producers to voluntarily record the carbon-related details of their metal production.
However, the plan was opposed by the steel industry, including Norway’s Norsk Hydro and India’s Hindalco Industries.
Norsk Hydro said that the separate contract of low-carbon aluminum might lower standards and the LME’s efforts to decarbonize energy-intensive industries, and Hindalco Industries believed that the focus on the energy used in aluminum production might blur issues in the supply chain, such as bauxite mining.
The steel industry claimed that LME should focus on its services for users’ urgent needs.
