China's aluminium imports from Russia set record

Especially after the crisis in Ukraine, China-Russia trade in aluminium is gaining momentum. As of September, China made record aluminium purchases for the third month in a row. Although the Western alliance does not directly embargo aluminium products, some Western companies have stopped buying from Russia for ethical reasons or are struggling with payments due to sanctions. These companies are therefore turning to alternative producers.

China, on the other hand, gains a large share by supplying Russian aluminium at advantageous prices. In September, aluminium imports amounted to 153,000 tonnes. Since the beginning of this year, purchases have tripled y-o-y to 800,000 tonnes. This shows that 80 per cent of China's aluminium imports come from Russia.

In addition, some Chinese companies are using Russian aluminium, which they buy at a discount, as an arbitrage opportunity in the futures markets.