Rusal Reports Lower Aluminium Exports While Domestic Shipments Rise

Rusal's aluminium exports fell by 4% year-on-year to 2.19 million tonnes in the first nine months of 2024, according to company data reviewed by Interfax. During the same period, the total volume of aluminium transported by Rusal, including domestic shipments, decreased by 1% to 2.69 million tonnes, based on information from Russian Railways. Notably, aluminium shipments within Russia grew by 15% to 503,000 tonnes.

The decline in aluminium exports follows initial growth in early 2024. During the first quarter, exports rose by 5.5% compared to the same period in 2023. However, by the second quarter, exports had decreased by 5% year-on-year. The Central Bank's regional economic report attributed the decline in non-ferrous metal exports to increased sanctions and issues with cross-border payments.

On April 12, the U.S. and U.K. imposed a ban on imports of aluminium, copper, and nickel from Russia produced after that date. Additionally, the London Metal Exchange (LME) banned new shipments of these metals from Russia, with Russian aluminium accounting for 91% of the total aluminium stocks at LME warehouses at the time of the sanctions (311,000 tonnes out of 400,000 tonnes).

Despite these challenges, Rusal's alumina imports rose by 10% year-on-year to 4.2 million tonnes in the January-September period.