Latest news with #NorilskNickel
Yahoo
2 days ago
- Business
- Yahoo
Russian Precious Metals Sales to China Hit $1 Billion
(Bloomberg) -- Russian precious metals exports to China almost doubled in the first half of the year, as record gold prices boost revenue. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom How San Jose's Mayor Is Working to Build an AI Capital Chinese imports of Russian precious metal ores and concentrates, including gold and silver, jumped 80% to $1 billion from the same period a year earlier, according to data from Trade Data Monitor, which sources information from China's customs office. Bullion prices have climbed about 28% this year, boosted by heightened geopolitical risks and trade tensions, alongside buying by central banks and exchange-traded funds. Russia, the world's second-largest gold producer with annual output of more than 300 tons, has been shut out of Western trading hubs like London and New York since its full-scale invasion of Ukraine in 2022. The Bank of Russia, formerly the world's largest central bank gold buyer, has not resumed large-scale purchases, leaving China as one of the country's few remaining major markets. Gold miners in Russia have also been buoyed by growing domestic retail demand, which reached a record high in 2024 as Russians turned to precious metals to safeguard their savings. Russia's MMC Norilsk Nickel PJSC, one of the world's top producers of palladium and platinum, has ramped up exports to China this year. Prices for the two metals jumped 38% and 59%, respectively, this year. A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot Elon Musk's Empire Is Creaking Under the Strain of Elon Musk How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Canada Standard
02-07-2025
- 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
01-07-2025
- 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.
Russia Today
01-07-2025
- Business
- Russia Today
China boosting purchases of Russian metals
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 overall trade between 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
30-06-2025
- 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.
