January was marked by trade policy developments that impacted the aluminum market. Midway through the month, initial reports emerged about a potential EU import ban on Russian aluminum. This initially drove up prices for the LME 3-month aluminum contract. However, the proposed one-year transition period in the Commission's proposal, along with Donald Trump's inauguration on January 20, which brought potential US tariffs back into focus, led to a slight decline in prices after reaching a high of $2,705 per ton. By the end of the month, the contract was about $50 per ton above its level at the beginning of the year.