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CRU: UC Rusal Smelters Pulled Back From the Brink

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News provided by

CRU

20 Sep, 2018, 11:40 GMT

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LONDON, Sept. 20, 2018 /PRNewswire/ -- The mounting risk that UC Rusal smelters will close in the coming months has dropped as the US Treasury permits new 2019 sales contracts. Late on Friday, the US Treasury clarified that companies can enter new deals for UC Rusal metal for 2019; this had never been previously stated.

This is hugely important for buyers of UC Rusal metal on an annual basis and for the supply and delivery of essential raw materials. The new deals, which are allowed if they are similar to last year, are contingent on further actions from the US Treasury.

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UC Rusal smelters pulled back from the brink

Major offtake agreements to remain in place

Of UC Rusal's 3.8 million tonnes of production in 2016, 31% (of sales) went to Glencore via a multi-year offtake agreement which is expected to expire in 2019. The latest from the Treasury allows Glencore to continue taking a stable volume from UC Rusal even if that deal expires. This will keep ingot markets, which makes up the bulk of the offtake, relatively well supplied in 2019.

Major value-added products buyers will continue to buy in 2019

While a number of consumers around the world have already stopped buying from UC Rusal, a substantial share of UC Rusal value added products sales go to a relatively small number of customers.  The European rolling slab, wire rod and primary foundry alloy and S. Korean primary foundry buyers are likely to extend existing contracts into 2019. Some of these buyers have been seeking new supplies and will reduce volumes from UC Rusal, but were struggling to completely replace Russian volumes.

US buyers will also have much more confidence buying Russian metal for next year. Many of our consumer contacts in the US had reported they were not considering UC Rusal as a supplier for 2019, but this development gives them the option to buy from UC Rusal.

Read the full story: https://www.crugroup.com/knowledge-and-insights/insights/2018/uc-rusal-smelters-pulled-back-from-the-brink/ 

Read more about CRU: http://bit.ly/About_CRU 

About CRU

CRU offers unrivalled business intelligence on the global metals, mining and fertilizer industries through market analysis, price assessments, consultancy and events.

Since our foundation by Robert Perlman in 1969, we have consistently invested in primary research and robust methodologies, and developed expert teams in key locations worldwide, including in hard-to-reach markets such as China.

CRU employs over 260 experts and has more than 10 offices around the world, in Europe, the Americas, China, Asia and Australia – our office in Beijing opened in 2004.

When facing critial business decisions, you can rely on our first-hand knowledge to give you a complete view of a commodity market. And you can engage with our experts directly, for the full picture and a personalised response.

CRU – big enough to deliver a high-quality service, small enough to care about all of our customers.

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