South Korea has increased its imports of Russian aluminum to the highest level in 12 years. The upward trend in Russian aluminum imports is expected to continue, driven by growing domestic demand for aluminum.
According to data from Statistics Korea on Wednesday, South Korea imported $96.5 million worth of Russian aluminum in October this year, the highest monthly total since June 2012, when imports reached $117.8 million.
Notably, the value of Russian aluminum imports in October increased by 35.5% compared to the previous month and surged by 210% year-on-year, marking a sharp rise.
From January to October 2024, South Korea’s total imports of Russian aluminum amounted to $705 million, up 17% from last year. This figure nearly matches last year’s total imports of $707 million.
In October, most Asian aluminum imported to South Korea insisted on unprocessed aluminum, totaling $95.49 million. Additionally, aluminum plates and sheets accounted for $614,000, while aluminum wire imports amounted to $437,000.
As of October, Russia remained South Korea’s third-largest source of aluminum imports. China ranked first with $138.7 million, followed by Australia with $103.9 million. The United States ($63.2 million) and India ($56.5 million) rounded out the top five.
Experts predict that South Korea’s imports of Russian aluminum will continue to grow steadily amid rising domestic aluminum demand and shifts in global supply chains.
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