Rusal decides to quit aluminium trading joint venture in South China: Sources

Rusal, the world’s second largest aluminium company by primary production, has decided to step down from the aluminium trading joint venture in southern China, partly due to concerns over lower sales volume, said three sources with knowledge of the matter.

Two of the sources also said that the Russian firm is hiring for its separate office in Shanghai.

Rusal is now negotiating the sale of its stake in North United Aluminium (Shenzhen) to state-run partner China North Industries Group Corp Ltd (Norinco), said the sources on the condition of anonymous.

Rusal had invested in North United Aluminium in 2012 but since then grown disappointed with low trading volume.

However, a rebound in Chinese aluminium demand after the COVID-10 outbreak buoyed imports in July. Per the report, the unwrought aluminium and aluminium products imports in July stood the highest since 2009 and exceeded exports in the said month. To capitalise on such opportunities, Rusal is hiring for positions in Shanghai, said the sources.

The company is seeking an aluminium sales manager and business development manager in Shanghai, shows a job website. Other positions advertised are for a traffic operator and a technical product manager.

Asia during April-June accounted for 27 per cent of Rusal’s aluminium sales, up from 15 per cent on the first quarter, lifted by arbitrage sales to China.