Russia was asked to withdraw from the European aluminum market

European companies refuse to use Russian metal.

As one of the world’s largest aluminum producers with annual exports of more than 3 million tonnes, Russia appears to be losing its main market, writes Finanz.

In Europe, where 40% of Russian aluminum went before the war, the contracting season for 2023 is starting, and leading buyers are shunning Russian metal, although it has not been hit by EU sanctions, unlike coal, timber and oil.

One of the largest consumers of aluminum, Novelis, a division of Indian Hindalco Industries, refused to use Russian metal to supply its European plants.

According to Bloomberg, the company held the first procurement tender for deliveries in 2023 and in its terms indicated that it would not accept aluminum of Russian origin.

Novelis tends to set the tone for the market, and other buyers may follow, writes Bloomberg.

Unlike oil, sending “surplus” aluminum to the East is hardly possible: China itself is the world’s largest producer with volumes 10 times larger than Russia’s (36 million tons per year).