Russia Boosts Aluminum Exports to South Korea by 20% in First Half of 2024
In the first half of 2024, Russia increased its aluminum exports to South Korea by approximately 20%, reaching a total of 154.9 thousand tons, according to data from the Korean Statistical Service reported by RIA Novosti. This increase marks the highest semi-annual export volume since 2012.
From January to June 2024, South Korea's imports of Russian aluminum amounted to 154.9 thousand tons, valued at $372 million. This represents a 1.2-fold increase compared to the same period last year. The monthly data showed a significant increase in June, with imports totaling 20.3 thousand tons ($51.8 million), the highest monthly volume since April. May's imports were 16.2 thousand tons, valued at $41.2 million.
In June, South Korea imported 20.3 thousand tons ($51.3 million) of raw aluminum from Russia. Additionally, Seoul purchased 88.4 tons of aluminum plates and sheets (thicker than 0.2 millimeters) valued at $313,000, 73.3 tons of aluminum wire for $195,000, and 6.6 tons of aluminum profiles worth $30,000.
Russia now ranks as the second-largest supplier of aluminum to South Korea, capturing a 19.2% share of the market. This is an improvement from its position in the first half of 2023 when it was the third-largest supplier. Australia maintains the top position with a 28.8% market share, while India holds the third spot with 15.5%.
