12 March 2026 – Aluminium prices on the London Metal Exchange surpassed their 2022 record during trading today. Questions are emerging about whether the European Commission is deliberately delaying negotiations with the World Trade Organization over planned steel import quotas.
Aluminium Prices Reach a New Record High
Aluminium prices on the London Metal Exchange exceeded their previous record from 2022 during trading today, temporarily climbing to more than USD 3,540 per tonne.
US Aluminium Premiums Rise by 1.9%
As early as last Monday, US aluminium premiums had already increased by around 1.9%, reaching a new high of USD 1.10 per pound.
The background to the rising prices is the ongoing conflict in the Middle East. Several major aluminium producers have temporarily suspended deliveries or were forced to declare force majeure.
EU Steel Quotas: Is the Commission Delaying Negotiations?
Is the European Commission deliberately delaying negotiations at the World Trade Organization regarding the planned EU steel import quotas?
An article published yesterday by Politico strongly suggests that this may indeed be the case.
According to Politico, several diplomats have expressed significant frustration with the conduct of EU negotiators. The main criticisms raised by trading partners include:
- The talks are viewed as a “delay tactic” aimed at playing third countries against each other.
- The EU has merely repeated previously known positions without addressing concerns.
- The EU has behaved “unapproachable,” with dissatisfaction widespread among trading partners rather than limited to a few.
No Final Negotiable Steel Quotas Currently Exists
The concerns expressed by WTO members regarding the Commission’s conduct appear justified.
It is also unclear how the Commission could have begun negotiations with WTO partners without first receiving the necessary mandate from the European Council, which represents the EU member states.
At present, no final and therefore negotiable quota exists.
Final Regulation on Steel Tariffs Not Yet Ratified
In fact, the final regulation on the Commission’s proposal for steel tariffs and quotas has not yet been confirmed by either the European Parliament or the European Council.
The so-called trilogue negotiations between the Council, Parliament, and Commission, required before formal adoption of the legislative proposal, only began on 24 February 2026, and the outcome remains uncertain.
Commission Informed WTO in December 2025
Nevertheless, the Commission had already informed WTO members on 19 December 2025 about planned negotiations under Article XXVIII:5 concerning certain steel products.
Even if a negotiation mandate for the WTO negotiations exists but has not been published, this does not change the fundamental problem: EU negotiators currently have no concrete negotiating substance at their disposal.
This raises the likelihood that the EU side may simply be playing for time.
Another Example of Disadvantage for Import-Dependent EU Companies
This situation represents yet another example of how European companies that depend on imports are being disadvantaged by the Commission’s approach.
A genuine level playing field looks very different.
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