13 AUGUST 2013Shanghai Metal Market
Russia should consider state aluminium stocks - deputy PM
Edited by : AL CIRCLE
1 min read
Russia's government should consider creating state aluminium stocks which could help the country's metals giant Rusal by supporting global prices, deputy prime minister Arkady Dvorkovich said on Friday.
Rusal, the world's largest aluminium producer, earlier this week urged the government to create stocks to counter a 15 percent fall in the price of aluminium this year.
State stocks would create an additional buyer for aluminium and keep material off the market, helping to prop up the price of the metal.
"Such a mechanism should be created, from my point of view, to make it possible to use in case a critical situation arises," Dvorkovich told reporters.
Dvorkovich said the government's budget did not have the money for such stocks now. He did not say whether the government planned to buy aluminium from the company and did not comment on the volume of any possible deal.
Rusal CEO Oleg Deripaska told Interfax in an interview that it may cut production by 350,000 tonnes this year after being hit by the sharp fall in the aluminium price.
Rusal, the world's largest aluminium producer, earlier this week urged the government to create stocks to counter a 15 percent fall in the price of aluminium this year.
State stocks would create an additional buyer for aluminium and keep material off the market, helping to prop up the price of the metal.
"Such a mechanism should be created, from my point of view, to make it possible to use in case a critical situation arises," Dvorkovich told reporters.
Dvorkovich said the government's budget did not have the money for such stocks now. He did not say whether the government planned to buy aluminium from the company and did not comment on the volume of any possible deal.
Rusal CEO Oleg Deripaska told Interfax in an interview that it may cut production by 350,000 tonnes this year after being hit by the sharp fall in the aluminium price.
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