Glencore, the Swiss multinational commodity trading house, has unloaded more than 100,000 tonnes of aluminium at the LME-registered warehouses in the South Korean port of Gwangyang, as reported by one of the world's largest news agencies.
Several buyers and consumers in the transport, packaging and construction sectors have opted to renew their contracts to procure Russian aluminium. However, some declined due to the Ukraine-Russia geopolitical crisis.
On the other hand, only some metal producers are anxious that the huge quantities of undesired Russian aluminium stored in LME warehouses will weaken the benchmark prices on the exchange.
A few weeks back, Glencore delivered 40,000 tonnes of aluminium produced in Russia, adding its deliveries to LME warehouses in Gwangyang to the least 150,000 tonnes.
The sources also floated the information that Glencore delivered Russian aluminium into LME warehouses in Gwangyang in October 2022. Russian aluminium has been building in Gwangyang for some time, but it wasn’t warranted.
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