Rusal stated that it is difficult to maintain stability in the global market
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Rusal Company (MOEX: RUAL) reported that it is having difficulty maintaining stability in the global market due to Novelis Europe’s decision to abandon the purchase of Russian aluminum next year. Rusal called Novelis’ actions “unprecedented pressure.”
“Despite the unfavorable market conditions, RUSAL is trying to maintain a stable position in global export markets. Due to the actions of unfriendly countries, the company continues to lose access to premium markets,” RIA Novosti was told at Rusal.
According to the company, before the Novelis decision, the most serious negative impact on Rusal’s activities was caused by the protective duties imposed by the US authorities on Russian aluminum, the amount of which reached 200%. However, the company reported that it had already refocused its work on supplying products to China and other Asian countries.
October 10 agency Reuters reported that one of the world’s largest buyers of aluminum, the American company Novelis, owned by the Indian Hindalco Industries, refused to purchase Russian aluminum to supply its plants in the European Union. In the officially announced tender for supplies in 2024, the company, without disclosing the reasons, indicated that it would not accept metal of Russian origin. Europe is the largest buyer of Russian aluminum, notes Reuters. If other companies follow Novelis’ example, Russian manufacturers will have to look for new buyers.
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