(Bloomberg) -- Chinese buyers are temporarily shunning Russian aluminum, as commercial realities intrude on the push to deepen bilateral trade ties.Most Read...
-- Chinese buyers are temporarily shunning Russian aluminum, as commercial realities intrude on the push to deepen bilateral trade ties.How One of the World's Oldest Hedge Funds Went BankruptSanctions imposed on Russian base metals last month by the top UK and US exchanges are expected to drive more aluminum sales to China , the world’s biggest consumer of the metal and Moscow’s strategic ally. But a surge in international prices has made imports too costly for now, traders said.
Among metals, the trade in aluminum in particular has boomed. Rusal generated 23% of its revenue from China last year, compared with just 8% in 2022. Russia’s exports to its eastern neighbor in the first quarter more than doubled to 393,000 tons, according to Chinese customs data. But the so-called arbitrage window has since closed because world prices have become more expensive compared to the Chinese market, largely because of western sanctions.
China’s slowing economy, meanwhile, has been a drag on metals demand. But the situation could turn around in coming months as the peak season for aluminum consumption begins, which is likely to narrow the gap between local prices and the international market.President Joe Biden unveiled sweeping tariff hikes on a range of Chinese imports, in an election-year bid to bolster domestic manufacturing in critical industries.
TORONTO — Canadians who applied to be part of a class-action lawsuit against LifeLabs Inc. are now receiving cheques and e-transfers. KPMG, which is administering the claims, says on the class-action website that more than 900,000 valid claims were received. Given the large number of valid claims, KPMG says claimants will receive an e-transfer of $7.86. Those receiving a cheque will get $5.86, after deducting a $2 processing fee.
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