Sun, 04 Jun 2023

Imports reportedly tripled in April year-on-year

Beijing bought nearly 89,000 tons of refined aluminum from Russia in April - nearly three times the amount purchased during the same period last year and the second-highest volume on record, Bloomberg reported on Monday, citing Chinese customs data.

Since the start of the conflict in Ukraine, between March 2022 and February 2023, Chinese imports of Russian aluminum increased by nearly 94% to reach 538,500 tons worth $1.36 billion. Russia's share of Chinese aluminum imports stood at roughly 69% last year.

Russia has in turn increased purchases of Chinese alumina - a substance used in the smelting of aluminum metal, according to the media outlet.

China is the world's largest aluminum producer and consumer, accounting for around 59% of global production of the metal in 2022, according to the International Aluminum Institute.

Russia, one of the world's top aluminum exporters, has seen its exports restricted by the US and its allies. In February 2023, Washington imposed 200% duties on imports of Russian-made aluminum products. In March, Canada banned imports of Russian aluminum and steel.

Russian aluminum producers have responded by turning to countries that have not supported Western sanctions.

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


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