Tue, 31 Jan 2023

Russia to divert metals away from West

RT.com
28 Dec 2022, 16:13 GMT+10

The Trade Ministry names new export destinations, and says talks on supplies are underway

Russia will redirect its metal exports from Western countries to alternative markets due to sanctions imposed by the EU and US, Trade Minister Denis Manturov said on Monday.

Moscow named China, Türkiye, South East Asia, member states of the Russia-led Eurasian Economic Union and CIS countries as priority areas for diversifying metal supplies. According to Manturov, trade flows will also focus on the Latin American, African and Middle Eastern markets.

Speaking at a meeting with Russian Prime Minister Mikhail Mishustin, Manturov noted that "our enterprises, with the participation of trade missions, are already reorienting exports," adding that the state will provide measures of support for logistics.

Russia is a major metals producer and exporter. According to Institut Polytechnique de Paris, last year the country held a 13% market share for titanium production, 11.2% for nickel, 10.5% for platinum, 5.4% for aluminum, 4% for copper and 4.4% for cobalt. It is the world's top producer of palladium, a rare metal used in car manufacturing, accounting for 37% of production in 2021.

Russia is not only a major producer of primary aluminum but it is also embedded in the global supply chains needed to make the metal.

Although Russian metals and the companies that produce them have not been directly targeted by Western sanctions, many buyers have shunned imports from the country.

Meanwhile, China has boosted its primary aluminum purchases with Russian supplies hitting a 2022 record of 56,000 tons in November, according to Reuters.

For more stories on economy & finance visit RT's business section

(RT.com)

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