Glencore delivers RUSAL’s aluminum to LME warehouses in Gwangyang
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Update time : 2022-10-21 18:49:44
According to market sources, commodities trader Glencore has delivered a large amount of aluminum from Russia to London Metal Exchange (LME) warehouses in Gwangyang, South Korea, and it was understood that these aluminum metals were produced by RUSAL, a global leading aluminum supplier in Russia. However, the volume of delivery to LME-registered warehouses in Gwangyang wasn’t disclosed.
The incident showed that RUSAL is facing difficulties. After the 2022 contracts expired, buyers in the transport, construction, and packaging industries would like to exclude Russian aluminum from their deals for 2023.
RUSAL is the largest aluminum producer in the world outside China. The company’s aluminum accounts for 6% of the global total supply, and its output this year was expected to be approximately 70 million tons.
