Page 141 - bneIntelliNews monthly country report Russia May 2024

nitrogen imports into the EU were up 34% in the 2022-23 fertilisers marketing campaign (July-June) compared to the previous period, with Russia accounting for around a third of the total.
Urea imports were up 53%, doubling the volumes recorded in 2020-2021. Of this, 40% came from Moscow. The trend has slowed in the current season, but Russian urea still accounts for almost a third of the total imports.
By substituting European fertilisers with those from Russia or other parts of the world, the EU is importing fertilisers with a much higher carbon footprint – “50-60% higher than the European production,” he warned.
9.2.14 Mines and Minerals - other
Russian aluminium company could lose 36% of sales due to sanctions. Nearly 40% of sales at Russia's largest aluminium producer, Rusal, are at risk due to sanctions imposed by the US and UK, Bloomberg reported on April 16.
New US and UK restrictions on the trade in Russian aluminium, copper and nickel last week are certain to encourage Moscow to sell more raw materials to its largest market: China. What’s less obvious is whether Russia’s railways — its logistical backbone and an increasingly vital link with export markets — can carry the load. In March, container transportation from European Russia to the east dropped by almost half, partly because of a spike in coal shipments, which typically have priority in the domestic rail transportation scheme. Delivery of container goods was delayed by as much as three months, and tariffs shot up. Russia already said it’s planning to boost capacity — in an address in February, President Vladimir Putin said the target was 210mn tonnes of annual capacity by 2030, or a 40% rise from the current level.
On Monday (April 22), Norilsk Nickel revealed operating results for 1Q24. Nickel production decreased by 10% y/y to 42 thousand tonnes amid an increase in work in progress, which the company plans to process in 2Q24. Copper output remained almost unchanged y/y and amounted to 110 thousand tonnes (+1% y/y). Palladium production increased by 3% y/y to 745 thousand ounces, platinum production remained almost unchanged y/y and amounted to 178 thousand ounces (-1% y/y). The company maintained its production forecast for 2024.
Norilsk Nickel to transfer of Copper Plant capacity to China. On Monday (April 22), Interfax published an interview with Norilsk Nickel President Vladimir Potanin. Below we present the main points: The company plans to move the smelting capacity of the Copper Plant in Norilsk closer to sales markets in China by creating a joint venture with a local partner. Construction in China is planned to be completed by mid-2027, it will be synchronised with the disposal
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