Swapping aluminum for copper will maintain China’s resources, group says
China depends on overseas imports for 60% of its aluminum resources as opposed to 70% of its copper resources.
Novelis, one of the world’s biggest buyers of aluminum, will not accept Russian metal in potential new deals to supply its European factories in 2023, Bloomberg News reported on Friday.
Russia’s Rusal is the world’s third largest producer of the metal used in the transport, packaging and construction industries. Consumers and producers of aluminum usually strike deals for the next year in the autumn.
Novelis, a subsidiary of India’s Hindalco, issued a tender this week for 2023 supply to its European plants that specified no metal of Russian origin would be allowed as part of any deals, Bloomberg reported, citing Novelis.
Novelis did not immediately reply to a Reuters‘ request for comment.
Neither Rusal, nor Russian aluminum, have been directly targeted by the Western sanctions imposed on Moscow after it sent thousands of troops into Ukraine on Feb. 24.
“Whilst some consumers have changed their purchasing policies this year, as a company we remain unsanctioned and look forward to continuing existing business as well as developing new relationships in 2023,” Rusal told Reuters.
Rusal produced 3.8 million tonnes of aluminum in 2021, about 6% of the estimated world production.
(Editing by Jason Neely and Tomasz Janowski)
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