Glencore declares limited aluminium procurement done under the Rusal contract

According to regulatory filings, Glencore acquired just a fraction of the potential 6.9 million tonnes of aluminium it could purchase between 2020 and 2022 through its agreement with Russian aluminium giant Rusal. However, this contract may also be extended until 2025.
The Swiss multinational commodity trading and mining company Glencore is facing pressure to cease its metal procurement from Rusal in light of the Ukraine-Russia geopolitical crisis. It had previously announced in the past year that it would refrain from entering into any new agreements for Russian materials. However, the company committed to honouring its existing contractual obligations.
Early termination of the contract could potentially result in a significant increase in aluminium supply from Rusal, one of the world's largest aluminium producers outside of China, to competitors of Glencore, including trading firm Trafigura.
According to the Russian aluminium producers' annual report, Glencore purchased $2.87 billion worth of aluminium under the contract during 2020-2022. Reuters reported that its calculations would amount to around 1.1 million tonnes based on each year's average London Metal Exchange (LME) cash price. The estimated 1.1 million tonnes is approximate since it encompasses regional premiums, a component that couldn't be factored in as the specific destinations were not provided.
A source stated, "There is certainly a backlog of (unfulfilled) metal under the contract."

Source: https://www.alcircle.com/news/glencore-declares-limited-aluminium-procurement-done-under-the-rusal-contract-100298