Russia’s alumina imports from India under the radar, nil to 3rd largest consumer

According to the latest data from the Ministry of Commerce, Govt. of India reveals that the alumina exports to Russia escalated to 0.258 million tonnes in April-February of the financial year 2022-23 (FY23) from zero in the previous period of FY22. The surge in India-Russia trade with the mentioned commodity has been under the global export-import radar.

Russia is one of the world's leading aluminium producers (ex-China) and a significant alumina consumer.

Russia was shut off from important supply sources like Australia and Ukraine-Russia geopolitical crisis as both nations chose not to send alumina to Russia. Australia stated it prohibited the supply of alumina and bauxite to Russia because they were vital components in manufacturing and developing weapons.

Other suppliers, including China and India, stepped in to fill the void left by the absence of alumina supply from Australia and Ukraine. Russia has replaced China as the third-largest consumer of Indian alumina by volume and value due to the country's rapid increase in the commodity's production. Alumina was India's most valuable export to Russia in terms of volume.

According to the trade data, alumina shipments from India to Russia between April and February totalled $89.87 million, placing the commodity third in value among all goods sold from India to Russia. India's alumina exports to Russia comprised 14.4% of the overall volume and 12.7% of the total value of the commodity's exports.

The Ministry of Commerce published commodity- and country-specific trade data with a lag, and data up to February have been released thus far. Data for March and the full fiscal year 2022-23 are expected in the coming weeks.

Before the Ukraine-Russia geopolitical crisis, Russia imported 0.275 million tonnes of alumina from Australia. The majority went to the state-owned aluminium giant Rusal.

India partially filled the void created by Ukraine and Australia by supplying over 63,540 tonnes of alumina to Russia in February. National Aluminium Company (NALCO), a public sector participant and producer of alumina in India, is the largest exporter. According to value, India exported $21.47 million worth of alumina to Russia in February.