Rusal considers sending some aluminium directly to LME warehouses in Asia
According to news media on September 20, Rusal is working on a plan to deliver aluminum directly to the London Metal Exchange (LME) warehouses in Asia due to difficulty finding buyers.
Rusal has not been sanctioned, but has also been hit as some large European and U.S. aluminum users refuse to continue buying the company's metal. How Rusal will deal with the excess production is one of the talking points for metals traders. Some worry that Rusal's large deliveries to the LME could cause LME prices to diverge from the global aluminium market.
Rusal has discussed transporting some of its aluminum from the Russian Far East port of Vladivostok to LME warehouses in Asia, people familiar with the matter said. It is reported that Rusal is currently considering only a small part of its production to the LME warehouse for testing, as the company is also concerned that a large increase in LME inventories may depress prices.
Rusal offered price discounts when supplying metal to some customers, Reuters previously reported. Some buyers have refused to continue buying Rusal's metal, leaving the company facing a slump in demand.
A top executive at global aluminum products maker Constellium said last week that the company plans to continue buying from Rusal next year, which is not under sanctions. Rusal's metal accounts for less than 5% of Constellium's overall purchases, and he expects a similar share in 2023, the executive said, but has not made a final purchase decision.
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