Rusal isn’t under Western sanctions but it’s nonetheless being hit as some big consumers in Europe.

Buyers all over Asia, and some from Europe, flew into Bali to hunt for any coal supply they can secure ahead of winter.

"It would be rare to see an outright decline in demand, but I think that's what we are going to see in Europe over the next 3-6 months," Citi analyst says.

Former shareholders have filed claims to invalidate a share purchase deal from 2002, in which a more than 40% stake in FPM was sold to its former CEO and other parties.

About 5.7 tons -- worth $324 million -- of Russian metal was imported by the refining hub in August.

Research company slashes its 2023 copper price forecast and predicts a return to $10,000-plus levels only in 2027 as long term structural deficits emerge.

Investing in mineral-rich countries would be easier than building new mines in the US, said Benchmark Mineral Intelligence Executive Editor Henry Sanderson in an interview.