China Jan-Feb aluminium imports from Russia more than triple on-year , China accounts for over half of global production and consumption

[beijingwalker]

China Jan-Feb aluminium imports from Russia more than triple on-year , China accounts for over half of global production and consumption​

(Mar 20, 2023 03:50AM ET)

© Reuters. FILE PHOTO: Employees work at the production line of aluminium rolls at a factory in Zouping, Shandong province, China on November 23, 2019. REUTERS/Stringer


BEIJING (Reuters) - China's aluminium imports from Russia more than tripled in the first two months this year with a 266.2% surge, customs data showed on Monday, as buyers eyed rising Chinese demand and after Western firms shied away from trading Russian metals.

Total imports from Russia into the world's top aluminium consumer were 105,300 tonnes for January and February combined, up from 28,759 tonnes the same period a year ago.

The total value for January and February imports was $248.39 million, or an average price of $2,359 a tonne.

The benchmark aluminium contract on the London Metal Exchange registered an average price of $2,644 and $2,373 a tonne in January and February respectively.

Russia, one of the world's top aluminium exporters, is a key supplier to China, accounting for 69% of China's total primary aluminium imports last year, or 667,992 tonnes, according to customs data.

Russian aluminium giant Rusal has been looking to supply more low-carbon aluminium to China as demand for the metal rises from China's electric vehicle firms, a company manager said last year.

Chinese demand for the metal, chiefly used in its construction and transport sectors, has risen since China abandoned its strict COVID-19 measures late last year.

China is also buying more after Western countries announced sweeping sanctions in response to Russia's invasion of Ukraine.

The United States has imposed a 200% tariff on aluminium and derivatives produced in Russia effective March 10. That followed Canada's ban on the import of all Russian aluminium and steel products.

Meanwhile, Switzerland-based Glencore (OTC:GLNCY) said last week it will not renew a $16 billion deal to buy aluminium from Rusal when it expires next year.

China Jan-Feb aluminium imports from Russia more than triple on-year By Reuters

China Jan-Feb aluminium imports from Russia more than triple on-year

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[beijingwalker]

China is the largest consumer and producer of aluminium and accounts for more than half of the total global production and consumption.

 

[beijingwalker]

In the production of steel, copper, aluminium, concrete and cement... China can all beat the rest of the world combined hands down.

A lot of them go to infrastructure building, highways, railways, subways, ports and airports, city skyscrapers ...
Cars and ships making also uses a lot of steel and aluminium