Glencore and Rusal have extended their long-term aluminum supply contract until 2025, according to a Reuters report dated May 22, citing a source familiar with the matter. The contract extension follows an agreement initially signed in 2020, which was set to expire this year.
Despite the extension, the amount of aluminum traded under the contract has reached only a fraction of its maximum volumes. Glencore is obligated to continue the contract since Russian sanctions have not directly targeted Rusal, the source told Reuters.
Glencore declined to comment on the matter, while Rusal did not immediately respond to S&P Global Commodity Insights’ request for a statement.
According to Rusal’s 2023 annual report, Glencore purchased aluminum worth $1.06 billion last year. From 2020 to 2022, Glencore reportedly bought $2.87 billion worth of aluminum. Under the initial deal, Glencore is required to purchase up to 6.9 million metric tons of aluminum from Rusal until 2024. 
