Latest news with #TradeDataMonitor
Canada Standard
12 hours ago
- Business
- Canada Standard
China boosting purchases of Russian metals Bloomberg
Aluminum, copper and nickel shipments have surged this year, according to trade data Beijing has increased purchases of Russian metals as Moscow pivots toward Asia amid Western sanctions, Bloomberg has reported, citing customs data. The US and its allies have been targeting Russian base metals in an effort to cut the country's revenues amid the Ukraine conflict. China has become a key buyer of Russian commodities, with overalltradebetween the two countries hitting historic highs last year, exceeding $240 billion. Imports of Russian aluminum jumped nearly 56% year-on-year to almost one million tons between January and May, while copper purchases surged 66% and nickel imports more than doubled, according to Trade Data Monitor, cited by the outlet on Monday. The report noted that while Russian producers Rusal and Norilsk Nickel are not under Western sanctions, their access to global trading platforms has been restricted. In April 2024, the US and UK barred the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME) from accepting new Russian-origin aluminum, copper, and nickel and barred imports of the metals. Washington had earlier imposed 200% duties on Russian-made aluminum products, while Canada enacted a full ban on imports of Russian aluminum and steel. Earlier this year, the EU introduced a phased ban on Russian aluminum, setting a 275,000-ton quota that runs through February 2026. The Kremlin has condemned the sanctions as "illegal," warning they will backfire on those imposing them. The measures triggered spikes in global metal prices, with aluminum seeing its biggest surge on the LME in decades. Moscow has redirected exports to Asia and the Middle East amid the shift away from Western markets. People familiar with the matter told Bloomberg that Norilsk Nickel began boosting sales to China in the second half of 2024. The company is also reportedly working with a unit of Chinese gold giant Shandong Gold to expand copper cathode shipments to the country. Sanctioned producers such as Russian Copper and UMCC may also be shipping metal to China, the sources said. Norilsk Nickel's chief executive, Vladimir Potanin, has said the company plans to relocate some copper smelting operations to China to safeguard exports from sanctions pressure on financial transactions. (
Canada News.Net
18 hours ago
- Business
- Canada News.Net
China boosting purchases of Russian metals Bloomberg
Aluminum, copper and nickel shipments have surged this year, according to trade data Beijing has increased purchases of Russian metals as Moscow pivots toward Asia amid Western sanctions, Bloomberg has reported, citing customs data. The US and its allies have been targeting Russian base metals in an effort to cut the country's revenues amid the Ukraine conflict. China has become a key buyer of Russian commodities, with overalltradebetween the two countries hitting historic highs last year, exceeding $240 billion. Imports of Russian aluminum jumped nearly 56% year-on-year to almost one million tons between January and May, while copper purchases surged 66% and nickel imports more than doubled, according to Trade Data Monitor, cited by the outlet on Monday. The report noted that while Russian producers Rusal and Norilsk Nickel are not under Western sanctions, their access to global trading platforms has been restricted. In April 2024, the US and UK barred the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME) from accepting new Russian-origin aluminum, copper, and nickel and barred imports of the metals. Washington had earlier imposed 200% duties on Russian-made aluminum products, while Canada enacted a full ban on imports of Russian aluminum and steel. Earlier this year, the EU introduced a phased ban on Russian aluminum, setting a 275,000-ton quota that runs through February 2026. The Kremlin has condemned the sanctions as "illegal," warning they will backfire on those imposing them. The measures triggered spikes in global metal prices, with aluminum seeing its biggest surge on the LME in decades. Moscow has redirected exports to Asia and the Middle East amid the shift away from Western markets. People familiar with the matter told Bloomberg that Norilsk Nickel began boosting sales to China in the second half of 2024. The company is also reportedly working with a unit of Chinese gold giant Shandong Gold to expand copper cathode shipments to the country. Sanctioned producers such as Russian Copper and UMCC may also be shipping metal to China, the sources said. Norilsk Nickel's chief executive, Vladimir Potanin, has said the company plans to relocate some copper smelting operations to China to safeguard exports from sanctions pressure on financial transactions.
Mint
2 days ago
- Business
- Mint
Russia Base Metals Sales to China Surge, Signaling Deep Reliance
Russian base metals sales to China surged in the first five months of 2025, underscoring its economic dependence on its Asian neighbor even as the country seeks to diversify trade. Russian aluminum sales to China through May jumped by almost 56% year-on-year to nearly 1 million tons, copper sales advanced 66%, while nickel imports more than doubled, according to Trade Data Monitor, which sources information from China's customs office. China has emerged as a key partner for Moscow, with over $240 billion worth of trade last year, replacing Europe, after the Kremlin sent troops into Ukraine in 2022, resulting in international sanctions and trade restrictions. Russia is a major producer of aluminum, copper, and nickel. Although its two top producers — MMC Norilsk Nickel PJSC and United Co. Rusal International PJSC — are not sanctioned by the US and its allies, new Russian metal supplies can no longer be delivered to the London Metal Exchange and the Chicago Mercantile Exchange and are subject to some trade restrictions. Earlier this year, the European Union approved a gradual ban on aluminum imports. The bloc has set a 275,000-ton import quota, that will run through Feb. 2026. For Rusal, the surge in sales to China this year reflects the clearance of stockpiles built up due to rail bottlenecks on the Russian side, according to a person familiar with the matter. Full-year shipments are still expected to total about 1.5 million tons, the person said. Read: Russia's Wartime Economic Woes Slow Railway Trade With China Norilsk Nickel began ramping up sales to China in the second half of 2024, according to people familiar with the matter. The Russian miner is working with a unit of Shandong Gold to boost copper cathode shipments to the country, they said. Aside from Norilsk Nickel, Russian Copper Co. and UMCC, both sanctioned, may also still ship to China. Not all the volumes reflected in the customs data represent direct sales by Russian copper and nickel producers, as some appear to be trader-led transactions involving previously produced metal, one of the people said. Glencore Plc has been buying Russian copper on the LME with the aim of delivering it into China as a response to supply squeeze in the world's largest copper consumer, Bloomberg reported earlier. The press services of Norilsk Nickel and Rusal didn't comment and a request for comment to Shandong Gold wasn't immediately answered outside of normal working hours. This article was generated from an automated news agency feed without modifications to text.
Business Times
12-06-2025
- Business
- Business Times
Damage is done: China exports to US in May see biggest drop since Covid as trade flows reroute to Asean
[SINGAPORE] While the US and China seemed to have avoided a devastating economic conflict with a framework agreement on Wednesday (Jun 11) after two days of intense negotiations, damage to the world's richest trading relationship has already been done. Based on figures from Trade Data Monitor, Chinese shipments to the US in May plummeted 34.4 per cent year on year to US$28.8 billion – the steepest decline since pandemic disruptions began in February 2020, as Beijing rerouted trade flows. Meanwhile, Chinese imports from the US in May fell 17.9 per cent to US$10.8 billion, suggesting a 'collapsing' trading relationship between the two biggest economies, noted John Miller, chief economic analyst at Trade Data Monitor. Overall, Chinese exports in May increased 4.8 per cent on the year to US$316.1 billion, and imports declined 3.4 per cent to US$212.9 billion. Trade reconfiguration 'The global trading system is going through its biggest reconfiguration since China's accession to the World Trade Organization in 2001 launched its historic export boom,' said Miller. He pointed out that as the US market is drying up, manufacturers based in China are left with a hard decision – relocation or selling to other markets. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up In May, Chinese exports to 11 different trading partners increased at least 10 per cent on the year, four of which are Asean countries. Shipments from China to Asean nations rose 15.2 per cent to US$58.4 billion. In particular, China's exports to Vietnam increased 22.2 per cent to US$17.3 billion, and exports to Thailand grew 21.8 per cent to US$8.8 billion. Singapore shipments from China were up 12.8 per cent at US$7.7 billion. Soybean purchases as political lever China – the world's top soybean consumer and once a major US buyer – saw imports surge to a record level in May. The country purchased 13.9 million tonnes worth US$6.1 billion, representing a 36.2 per cent year-on-year volume increase and a 22.6 per cent rise in value. 'Chinese negotiators know they have leverage with soybean imports from the US, and Beijing's been cutting off its buying,' said Miller. In the first four months of 2025, US soybean exports to China dropped 51.3 per cent to US$2.4 billion. Meanwhile, China has been snapping up soybean cargo from Brazil, the world's top soybean exporter. Imports from Brazil increased 9.6 per cent to US$11.3 billion. While both powers have revived the trade truce to potentially ease tensions, the question is how much the two countries can sustain trade in the meantime, noted Miller.
Business Times
12-06-2025
- Business
- Business Times
Damage is done: China exports to US in May drops by most since Covid as trade flows reroute to Asean
[SINGAPORE] While the US and China seemed to have avoided a devastating economic conflict with a framework agreement on Wednesday (Jun 11) after two days of intense negotiations, damage to the world's richest trading relationship has already been done. Based on figures from Trade Data Monitor, Chinese shipments to the US in May plummeted 34.4 per cent year on year to US$28.8 billion – the steepest decline since pandemic disruptions began in February 2020, as Beijing rerouted trade flows. Meanwhile, Chinese imports from the US in May fell 17.9 per cent to US$10.8 billion, suggesting a 'collapsing' trading relationship between the two biggest economies, noted John Miller, chief economic analyst at Trade Data Monitor. Overall, Chinese exports in May increased 4.8 per cent on the year to US$316.1 billion, and imports declined 3.4 per cent to US$212.9 billion. Trade reconfiguration 'The global trading system is going through its biggest reconfiguration since China's accession to the World Trade Organization in 2001 launched its historic export boom,' said Miller. He pointed out that as the US market is drying up, manufacturers based in China are left with a hard decision – relocation or selling to other markets. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up In May, Chinese exports to 11 different trading partners increased at least 10 per cent on the year, four of which are Asean countries. Shipments from China to Asean nations rose 15.2 per cent to US$58.4 billion. In particular, China's exports to Vietnam increased 22.2 per cent to US$17.3 billion, and exports to Thailand grew 21.8 per cent to US$8.8 billion. Singapore shipments from China were up 12.8 per cent at US$7.7 billion. Soybean purchases as political lever China – the world's top soybean consumer and once a major US buyer – saw imports surge to a record level in May. The country purchased 13.9 million tonnes worth US$6.1 billion, representing a 36.2 per cent year-on-year volume increase and a 22.6 per cent rise in value. 'Chinese negotiators know they have leverage with soybean imports from the US, and Beijing's been cutting off its buying,' said Miller. In the first four months of 2025, US soybean exports to China dropped 51.3 per cent to US$2.4 billion. Meanwhile, China has been snapping up soybean cargo from Brazil, the world's top soybean exporter. Imports from Brazil increased 9.6 per cent to US$11.3 billion. While both powers have revived the trade truce to potentially ease tensions, the question is how much the two countries can sustain trade in the meantime, noted Miller.
