Russian aluminium producer Rusal has signed a memorandum of understanding with Ethiopian Investment Holdings (EIH) regarding the development of a large-scale aluminium smelting plant in Ethiopia, EIH said on Friday November 14.

Russia’s weekly wheat exports from Black Sea ports totaled 459,564 tonnes in the week ending Thursday September 18, down by 396,681 tonnes (46%) from the 856,245 tonnes loaded in the previous week, according to Fastmarkets analytics data published on Friday.

The Russian grain harvest had reached 33.75 million tonnes from 10.32 million hectares as of Monday July 21, according to official government data. Harvest progress had advanced to 21.5% of the planned 47.92 million ha, a rise of 7 percentage points in one week from 14.5%.

Black Sea wheat prices have surged in recent weeks due to tight supply and rising domestic demand, with market dynamics and harvest progress hinting at potential further shifts in the weeks ahead.

Black Sea wheat prices have surged in recent weeks due to tight supply and rising domestic demand, with market dynamics and harvest progress hinting at potential further shifts in the weeks ahead.

Chinese corn import activity continued to be sluggish in June, dropping to 156,445 tonnes, down by 32,000 tonnes, 17%, from 188,542 tonnes in May, according to the latest data from the country’s General Administration of Customs (GACC).

US and European wheat futures rose on Thursday May 29 amid technical buying while market participants shrugged off projections of robust crops in Russia, India and the EU.

Russia’s wheat export volumes from Black Sea ports totaled 169,850 tonnes in the week ended Wednesday May 21, compared with 355,375 tonnes loaded in the previous week, according to Fastmarkets analytics data published on Thursday May 22.

European imports of pipeline natural gas from Russia via Ukraine have ended, putting the region’s metals smelters and refineries on alert for potential hikes in operational costs.

In the 2023/24 marketing year, Russian wheat exports surpassed 55.4 million tonnes, driven by increased harvests and competitive prices, although restrained by government-mandated floor prices and shifting dynamics among exporters.