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A worker stores aluminium ingots at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in Krasnoyarsk, Russia October 3, 2018. China, meanwhile, is emerging as an increasingly important market for Rusal's finished products as Western appetite for Russian metal shrinks. China shipped over a million metric tons of alumina in 2022, of which 843,000 metric tons went to Russia. China's imports of primary aluminium vs Russian-brand metalCHINA IMPORTS MORE RUSSIAN METALWhile Chinese alumina has been flowing to Russia, increasing quantities of Russian aluminium have also been entering China. But the world's largest producer is now operating close to a government-mandated capacity cap of 45 million metric tons.

Persons: Ilya Naymushin, Rusal, China wouldn't, Tomasz Janowski Organizations: REUTERS, Rusal's, GAP, London Metal Exchange, Reuters, Thomson Locations: Krasnoyarsk, Russia, Hebei Wenfeng, Queensland, Australia, China, Ukraine, Russian, mushrooming, CHINA, Volgograd, Novokuznetsk, Siberia, Yunnan

☆ Column: South Korea's Gwangyang is the new LME aluminium battleground
▼ + stars: | 2023-08-29 | by ( Andy Home | Thomson Reuters | Senior Metals Columnist Who Previously Covered Industrial Metals Markets For Metals Week | ) www.reuters.com time to read: +6 min

LONDON, Aug 29 (Reuters) - The South Korean port of Gwangyang has emerged as the new hub for storing London Metal Exchange (LME) aluminium. Another 54,000 metric tons of aluminium have arrived in the intervening week, promising more turns of the storage carousel. LME aluminium stocks at Gwangyang and Port KlangGWANGYANG GRABS THE SPOTLIGHTA total 198,125 metric tons of aluminium were warranted at LME warehouses in Gwangyang in the first quarter of this year, most of it arriving in four single-day clips. Gwangyang LME aluminium stocks, arrivals and drawdownsRUSSIAN METAL NOW DOMINATESThe competition to store LME aluminium during periods of weak demand is not new. The Gwangyang aluminium storage wars may just be starting.

Persons: Gwangyang, ISTIM, Henry Bath, Sharon Singleton Organizations: London Metal Exchange, Glencore, ISTIM, Pac Global Services, Reuters, Thomson Locations: Gwangyang, Malaysia's Port Klang, Port, Rotterdam, Busan, South Korea, Port Klang, Malaysian, Detroit, Vlissingen, ISTIM

Norwegian producer Norsk Hydro (NHY.OL) has called for the exchange to reconsider its decision last November to continue accepting deliveries of Russian metal. China imported 462,000 metric tons of Russian-brand primary aluminium last year, up from 291,000 metric tons in 2021. The country has emerged as the market of first resort for Russian metal since the invasion of Ukraine in February 2022. The top two destinations for June's "exports" were Japan (10,000 metric tons) and South Korea (20,500 metric tons). China's aluminium run-rate fell by an annualised 636,000 metric tons over the first quarter, according to the International Aluminium Institute.

Persons: Rusal, Goldman Sachs, ingot, isn't, Jane Merriman Organizations: London Metal Exchange, Norsk Hydro, Hydro, Rusal, International Aluminium Institute, AZ Global, Reuters, Thomson Locations: Norwegian, Russian, China, United States, Europe, Asia, Ukraine, Japan, South Korea, Gwangyang, CHINA, Yunnan

Exports last year were 94 metric tonnes, up 25% on 2021. Last year's exports totaled 44 metric tonnes in both wrought and unwrought form. As of September 2022 the DLA was storing 14 metric tonnes of germanium metal and 6.9 metric tonnes of scrap. An outright ban could be counter-productive, as China found out when it halted exports of rare earths to Japan in 2010. China has no shortage of pressure points to push, from rare earths to cobalt to lithium and even electric vehicle batteries.

Persons: Germany's, Wei Jianguo, Barbara Lewis Organizations: U.S, Chips, Export, United States Geological Survey, Alliance, Defense Logistics Agency, Teck Resources, Agency, Solutions, Democratic, Gecamines, World Trade Organization, China, Toyota, Honda, Audi, Commerce, China Daily, Reuters, Thomson Locations: U.S, China, United States, Teck, NYR.BR, Clarksville, Tennessee, New York, Australia, Europe, Democratic Republic of Congo's, Russia, Japan, Beijing, West

LONDON, Jan 30 (Reuters) - China raised export tariffs on unwrought primary aluminium and alloy at the start of this year after a rare burst of export activity in the first part of 2022. Russian aluminium dominated the import mix and Russian smelters were the main recipients of Chinese alumina exports last year. China's unwrought aluminium imports vs Russian metalRUSSIAN IMPORTS GROWDecember's imports of primary aluminium, by contrast, accelerated to 128,000 tonnes, the highest monthly tally in over a year. China's total alumina exports vs RussianCHINA LIFTS ALUMINA EXPORTSThe two countries' aluminium trade also extends to the intermediate alumina stage of the processing chain. It could also mean China returning to consistent net importer of unwrought aluminium, particularly if domestic smelter production continues to be plagued by power constraints.

☆ Rusal accuses Potanin of breaching Nornickel shareholder pact
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

Aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in Krasnoyarsk, Russia October 3, 2018. Under the management of Mr. Potanin, Norilsk Nickel lost a number of assets that played a key role in group's activities. This resulted in Norilsk Nickel and its shareholders suffering significant losses." In July, Potanin in July floated the idea of a $60 billion merger of Nornickel with Rusal as a means of mitigating possible sanctions risks, but he said last month the idea had been postponed. He also said the 10-year shareholder agreement protecting Nornickel's dividend payouts was on track to expire at the end of 2022.

Aluminium ingots are seen outside a warehouse that stores London Metal Exchange stocks in Port Klang Free Zone, outside Kuala Lumpur, March 23, 2015. Another source with direct knowledge said that the aluminium delivered to Gwangyang was produced by Rusal. The sources did not say how much of Rusal's aluminium had been delivered by Glencore to LME warehouses in Gwangyang. Glencore and the London Metal Exchange declined to comment. Stocks of aluminium in LME warehouses jumped 65,825 tonnes to 433,025 tonnes on Friday.

Annual supply contracts are in the process of being negotiated and at least some buyers are "self-sanctioning" by specifying no Russian metal in 2023. LME stocks and percentage of Russian metalCOPPER FLOWSThe proportion of Russian copper in LME stocks was actually higher in the third quarter of 2021, when it reached 95% of live tonnage, LME data shows. With just Nornickel still fully unsanctioned, the amount of potentially deliverable Russian copper is sharply reduced. Moreover, there is an obvious destination for any unsold Russian copper next year. The three options are to do nothing, set thresholds for Russian metal deliveries or suspend all warranting across all locations.

☆ Russian aluminium producer Rusal reshuffles sales team
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

Rusal, the world's largest aluminium producer outside China, has not been hit directly by the sanctions imposed on Moscow since it sent thousands of troops to Ukraine on Feb. 24. However, some consumers said last month they would not buy Rusal's aluminium for 2023, and the London Metal Exchange launched a discussion paper on the possibility of banning Russian aluminium from being traded in its system. Steve Hodgson, who previously held the sales director post, will remain with Zug-based Rusal Marketing GmbH to support sales to international consumers. Andryushin "has vast experience in sales development and diversification in difficult market conditions," Evgenii Nikitin, Rusal chief executive, said in the statement. Elias Sarkis will be in charge of Rusal's export sales and Bob Katsiouleris - in charge of market development and quality, Rusal added.

☆ LME to discuss banning Russian metal, sources say
▼ + stars: | 2022-09-29 | by ( Pratima Desai | Jefferson Kahinju | ) www.reuters.com time to read: +2 min

LONDON, Sept 29 (Reuters) - The London Metal Exchange (LME) is planning to discuss banning new deliveries of Russian metal such as aluminium, nickel and copper so its warehouses cannot be used to offload hard-to-sell stock, three sources familiar with the matter said. Western countries have sanctioned Russian banks and wealthy individuals connected to President Vladimir Putin since Russia’s invasion of Ukraine, but so far there are no restrictions on buying Russian metal. The sources said there was some concern that Russian aluminium producer Rusal would not be able to sell its metal and would deliver it to registered warehouses of the 145-year-old metal exchange. Another source said the LME could not ban Russian metal without sanctions on the companies that produced them. "Although we do not currently see any evidence of LME warehouses being used to offload metal on a long term basis," the exchange added, in response to a request for comment.

Another key alumina supply channel was shut off by the closure, also in March, of the Nikolaev refinery in Ukraine. CONTINUED METAL FLOWSCertainly, the flow of Russian metal into Western markets has been robust since march. That extreme premium sucked in every spare unit of aluminium, including a lot of surplus Russian metal. A partial boycott will coincide with increased Russian supply as Rusal's domestic market weakens further under the broader economic sanctions package. You can understand why the aluminium market is starting to worry about the prospect of large volumes of unsold Russian metal being dumped into LME warehouses.

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