Atlanta-based Novelis is encouraged by the development, chief supply chain officer Nick Madden said in a e-mail to AMM.
“At first review, the rule changes outlined by the LME appear to be a significant step in the right direction, balancing the diverse input received during the consultation process,” he said.
“I am optimistic that these changes will help to address this long-standing and complicated issue.”
Montreal-based Rio Tinto Alcan also welcomed the LME’s warehousing rule changes. “We view this as an important step to address the recent market and economic forces that have combined to create a set of challenges in the warehousing aspects of the LME’s activities,” a company spokesman said via e-mail.