• The UK and US have applied new rules to limit Russia’s earnings from aluminum, copper and nickel, but the main result may just be shifting trade flows. The Biden administration is also launching a new range of aluminum and steel tariffs. Indonesia’s nickel policies may have claimed another victim, while the Chinese government is removing urea export restrictions.
• The Iranian government’s seizure of the M/V MSC Aries may disrupt supply chains in plastics and chemicals, while the risk of escalating action with Israel brings and increasing probability of the closure of the Stra...