UC Rusal will sell 1.4 million tons of aluminum to Glencore

UC Rusal has closed with Glencore the contract for the sales of 1.4 million tons of aluminum for $43 billion within 7 years, Bloomberg reports referring to own sources.  Glencore agreed for transaction with UC Rusal in Q4 2011, when premium for aluminum reached its record level. The European buyers paid by $130 more, in average, for the metal, then the price at LME. This year UC Rusal will sell Glencore 1.4 million tons. Within the whole period of the contract validity, UC Rusal will supply Glencore 14.5 million tons, and the price will be defined concerning the price at LME and fixed premium. In 2010, Glencore shared 45% in total sales of aluminum by UC Rusal, and 9% or 3.9 million tons in the sales at the global market. Glencore and UC Rusal also closed the contract for alumina sales for $47 billion up to 2019.

Source: http://www.metalinfo.ru/ru/news/55792

Translated by Nadezhda Poltoratskaya