Russian Mineral Trade Trends and Outlook

In a recent statement, Russian President Vladimir Putin proposed that Russia consider imposing restrictions on the export of key raw materials, including uranium, in response to international sanctions. During a government meeting, Putin highlighted Russia's significant reserves in strategic raw materials like natural gas, gold, and diamonds, and suggested that limiting exports of materials such as uranium, titanium, and nickel could be a countermeasure to Western trade restrictions. This proposal comes amid ongoing geopolitical tensions and sanctions related to Russia's actions in Ukraine. Notably, the U.S. has already enacted a ban on importing unirradiated, low-enriched uranium from Russia, which will be in effect until at least 2040, though limited imports are still possible under specific conditions. The potential move to restrict uranium exports could further impact global nuclear fuel markets, where Russia plays a critical role. As of 2020, Russia accounted for a substantial portion of global uranium enrichment capacity, and it holds about 8% of the world's 'reasonably assured resources' in uranium. The proposed restrictions would add another layer of complexity to the already strained global energy landscape, potentially influencing both nuclear energy policies and international trade dynamics. If Russia proceeds with restrictions on uranium exports, it could significantly impact India, which relies on Russian uranium for its nuclear energy program. India imports a considerable portion of its uranium from Russia to fuel its nuclear reactors, which are integral to its energy strategy and efforts to reduce carbon emissions. The restrictions could lead to increased fuel costs for India and potentially disrupt its nuclear energy plans. This disruption might force India to seek alternative sources of uranium or invest in domestic uranium production, which could have cost implications and affect its energy security. Additionally, any decrease in the availability of Russian uranium might compel India to negotiate new agreements with other uranium suppliers or explore new technologies and strategies for its nuclear program. The shift could influence India's energy policies and its broader energy strategy, particularly if the global uranium market becomes more competitive or if supply chains are further strained by geopolitical tensions.

🇷🇺 #Russia Steps Up #Sulphur Imports Despite Strong Domestic Production Despite being one of the world’s largest producers, Russia has begun importing sulphur —a key raw material for the chemical industry. The first shipment was reportedly purchased by a domestic fertilizer manufacturer. Market analysts attribute this to reduced oil and gas processing volumes and a rise in sulfur prices, which may have made imports more economically attractive. According to S&P Global, citing traders, Russian companies have started sourcing sulphur from abroad. One Russian fertilizer producer recently bought 35,000t of sulphur at $390 per ton, including freight (CFR). S&P Global notes that there is currently strong demand in the market for sulfur shipments to Russia. Russia ranks among the largest global producers and exporters of sulphur. In 2024, the country produced 5.6 mnt of the chemical, with most output coming from gas processing plants and the remainder from oil refineries. The biggest producer,Gazprom Dobycha Astrakhan, accounts for over 60% of Russia’s sulphur output. According to forecasts by consultancy Implementa, domestic sulphur production could rise by 50% to 9 mnt by 2030. Analysts estimate that domestic consumption may grow from 5 mnt to 6 mnt, driven by increased demand for sulfuric acid production. Meanwhile, sulphur exports from Russia dropped sharply in 2024 — down 74.3% year-on-year to just over 1 million tons, S&P Global reports. The main buyers were Brazil (169,000t) and China (125,000t). The export decline is largely explained by stronger domestic demand from fertilizer manufacturers. Roughly 80% of industrial sulphur is used to produce sulfuric acid, a key component in phosphate fertilizers. Russia’s largest sulfur consumer is Apatit (part of PhosAgro), with the capacity to produce 2.7 mnt of sulfuric acid annually. Other major producers include Voskresensk Mineral Fertilizers (Uralchem) and Phosphorit (EuroChem), each with capacities around 1 mnt. Chemical companies declined to comment on the situation. Experts disagree on why Russia has started importing sulphur, citing either reduced oil refining or maintenance at gas processing plants. Many point to disruptions at Gazprom’s Astrakhan facility as a key factor. One industry insider believes that despite some capacity losses, the domestic market remains adequately supplied, thanks to existing stockpiles. In their view, the main issue is price volatility: as production dipped, sulfur prices surged. According to Rosstat data cited by Rupec, Russian sulphur production in the first eight months of 2025 fell 11.2% year-on-year, with August output down 22.3% to 344,000t. Prices have spiked recently, even though there’s no real shortage — Russian producers could easily offset the lost volumes, said another market source. Most likely, producers simply raised prices, and for some chemical companies, importing sulphur became the cheaper option. Source: kommersant #fertilizer

Russian export prices for pig iron have dropped to their lowest level in five years, hovering around $300 per tonne FOB. The decline is driven by weak demand in major consuming regions, particularly #Türkiye, the main destination for Russian exporters. Other key markets include #Italy, #China, and #India. European companies nearly exhausted their annual import quota for Russian #pigiron during the first quarter of the year, with exports to the #EU reaching 697,000 tonnes out of a 700,000-tonne limit. Another major factor behind the price decline is the oversupply of Chinese finished steel products on the global market, which has put downward pressure on raw material prices. #Russia ’s pig iron #export volumes have been steadily decreasing. While monthly shipments abroad averaged 331,000–364,000 tonnes between January and April, they dropped to 236,000 tonnes in August and are expected to fall further to around 200,000 tonnes by December. By the end of 2025, Russia’s total pig iron exports are projected to reach about 2.99 million tonnes, marking a 7% year-on-year decrease. A similar decline of 8% was recorded in 2024 compared with 2023. https://lnkd.in/dN23ZP6p