Rusal’s Aluminium Exports Drop by 2% Amid New Trade Restrictions

Rusal's smelters reported a 2% year-on-year decrease in aluminium exports for the January-April 2024 period, totaling 888,000 tonnes, according to data from Russian Railways reviewed by Interfax. This follows a dynamic shift in export levels earlier in the year: exports were 5.5% higher in the first three months compared to the same period last year, 15% higher in January-February, and 30% higher in January alone.

The export landscape changed significantly on April 12, when the US and UK imposed bans on imports of aluminium, copper, and nickel produced in Russia after that date. Consequently, the London Metal Exchange (LME), the world's largest exchange with an extensive warehouse system, is now prohibited from accepting new shipments of these metals from Russia. Russian aluminium constitutes the majority of the metal stocks in LME warehouses, accounting for 311,000 tonnes out of a total of 400,000 tonnes, representing 91% of the total aluminium stock.

Despite these export challenges, the total volume of aluminium transported by Rusal's smelters, including domestic shipments, remained stable at 1.12 million tonnes for the first four months of 2024, matching the level from 2023. Domestic shipments within Russia increased by 9.5% to 232,000 tonnes.

Additionally, Rusal's imports of alumina, a key raw material for aluminium production, rose by 3% year-on-year to 1.83 million tonnes in the January-April period.