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Aluminum May 23, 2024 05:00:32 PM

Glencore Extended Aluminum Supply Contract with Rusal

Paul Ploumis
ScrapMonster Author
The companies had entered into a deal in 2020 towards supply of more than 1 million tons of aluminum per year.

Glencore Extended Aluminum Supply Contract with Rusal

SEATTLE (Scrap Monster): Glencore plc. announced its decision to continue its aluminum supply contract with Russia’s United Co.Rusal International PJSC (Rusal)- one of the world’s leading aluminum producers, for at least a year, despite significant decline in supply volumes. The contract between the two companies was due to expire this year.

According to reports, the contract has now been extended into 2025 and to early-2026. The companies had entered into a deal in 2020 towards supply of more than 1 million tons of aluminum per year.

During the initial four-year period of the contract, Glencore had bought nearly one-third of the total agreed volumes, after which supplies started falling drastically. During the previous year, Glencore purchased aluminum worth $1.06 billion from Rusal under the contract, but this was much lesser than the maximum allowed worth of imports of $3.93 million. It must be noted that the shipment volumes have seen notable decline, at least from the second half of 2023.

Glencore bought only 187,475 tons, 847,063 tons and 458,604 tons in 2021, 2022 and 2023 respectively, as compared with the maximum tonnage per contract of 1.632 million tons per year.

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