Page 100 - bne IntelliNews monthly country report Russia February 2024

and Eastern Europe as well as the Baltic states effectively stopped. At the same time, shipments to Southern and Western Europe as well as the Balkans increased. Total exports to Europe remained in the range of 2 million tonnes – the same as in 2022 (but a third less than in previous years, when exports to Europe reached 2.8–3 million tonnes).
We invested a record amount this year in development and modernisation (including major overhauls). Next year we plan to raise this bar by another 13%, to RUB 73 billion.
In accordance with our comprehensive Development Strategy to 2025, these funds will be used both to develop our unique ore and raw material base and to expand and upgrade the capacities of our facilities, which produce 57 grades of mineral fertilizers that are very popular among Russian farmers and in 100 countries around the world, on every inhabited continent.
9.2.14 Mines and Minerals - other
Uncertain global economic recovery looms over copper LME copper prices are now close to where they were a year ago. Prices have fallen throughout 2023 as global monetary tightening has weighed on developed economies. The short-term demand outlook for the red metal remains weak amid recession fears, China's slowdown in the property sector, and weakening global manufacturing activity.
Russian copper production expected to grow in 2023, 2024 — Norilsk Nickel Refined copper production will grow by 4% in 2023 and by 2% in 2024 on account of new refining capacity to be brought on stream in China, it said.
Aluminium surplus to persist as demand disappoints Global economic uncertainty will continue to weigh on the outlook for aluminium. However, we believe the growing adoption of electric vehicles and green energy infrastructure should cushion the slowdown in more traditional sectors for the lightweight metal.
Nickel’s underperformance to continue Nickel has been the worst-performing metal on the LME so far this year with prices down around 45%. We believe this underperformance is likely to continue, at least in the near term, amid a weak macro picture and a sustained market surplus.
9.2.15 Transport corporate news
100 RUSSIA Country Report February 2024 www.intellinews.com
FESCO is expanding its presence in the market of container shipments between Russia and Southeast Asian nations, Board Chairman of the Russian shipping company Andrey Severilov told TASS on the floor of the