Metals trader Concord Resources Limited’s profit doubled in 2018 from the chaos in aluminum and alumina markets due to sanctions on United Company RUSAL (Rusal).
The US' sanctions against Rusal have brought disruptions over the aluminum industry and alumina supply chain. After the US placed sanctions against Rusal in April, alumina prices rose by 1 fold to a peak within a few weeks.
As a result, Concord was able to take this chance and make great profits. Concord had a long-term contract to purchase alumina from a plant in Louisiana and has enjoyed the great project.
However, other metal traders and miners were hurt. Glencore Plc and Rio Tinto Group both suffered.
Concord's profits hike in 2018 on aluminum muddle
18 Apr 2019 14:42 reported by Ivy Wei
- A
- A
- A