Last week the US banned imports of Russian aluminium, and a few days ago announced plans to triple duties on Chinese steel and aluminium. "Rusal" said it sees risks to its own exports in the US actions
New US restrictions on Chinese producers, as well as sanctions against Russian aluminium create serious risks for Rusal's exports, the company's press service told RBC.
"The US consistently supports and protects its own producers. "Rusal, being the world's largest producer of 'green' aluminium, supplies significant volumes of metal with a low carbon footprint to China. New restrictions for Chinese producers as well as sanctions against Russian aluminium create serious risks for Rusal's exports," the company said. Earlier Kommersant wrote about the company's position.
The White House announced plans to triple tariffs on steel and aluminium imports from China on April 17. "The current import rate on certain categories is 7.5 per cent. Additionally, the U.S. representative will initiate investigations into China's 'unfair practices' in shipbuilding, shipping and logistics," the statement said. After the increase, the duty will be 22.5 per cent.
According to Chinese customs statistics, Beijing shipped $3-4 billion worth of aluminium to the U.S. annually. The U.S. Census Bureau estimates Chinese aluminium imports at $2.5 billion.
China will take action in response to the US raising tariffs on Chinese steel and aluminium, China's Ministry of Commerce said in a statement. The ministry said the US side "ignores the international economic and trade order and rules, politicises economic and trade issues". It also accused the US of pressuring other countries to impose restrictions on Chinese goods.
Last week, the US Treasury Department announced new sanctions aimed at reducing Russia's revenue from exports of aluminium, copper and nickel. In addition to the US embargo on their imports, metals produced on and after 13 April will no longer be able to trade on the London Metal Exchange (LME) and the Chicago Mercantile Exchange (CME). US and UK traders will not be able to participate in OTC derivatives trading. In the spring of 2023, the US imposed barrier duties of 200% on Russian aluminium and 70% on copper and nickel.
Presidential spokesman Dmitry Peskov said that these sanctions, like all others, are illegal and Moscow considers them a double-edged weapon that will hit the interests of those who impose the restrictions. "Rusal said after the new sanctions that they would not affect its ability to deliver as they do not affect the company's global logistics solutions, access to the banking system and production system.
Against the backdrop of the restrictions, aluminium prices on the global market have risen sharply. According to the Financial Times, on 15 April the metal rose in price by 9.4%, the biggest increase in a day since at least 1987. "Kommersant" noted that sanctions against Russian aluminium could affect almost a third of Rusal's exports, or 1.5 million tonnes. According to the newspaper's source, the ban may affect exports of semi-finished products (about a quarter of Rusal's aluminium output is used for their production) and value-added products.
