Corrected: Rusal hopes Malaysia will impose ore embargo like Indonesia's
(to adjust heading, para 2 and 4 at the company's request)
KRASNOYARSK. Feb 27 (Interfax) - The embargo on exports of unprocessed ore from Indonesia has not had the anticipated impact on the aluminum market, UC Rusal CEO Vladislav Solovyev said at the plenary session of the Krasnoyarsk Economic Forum on Friday.
The Russian aluminum giant plans to step up its dialog with other major bauxite exporters, for example Malaysia, on the possibility of imposing an embargo similar to Indonesia's.
Rusal had "expected a greater effect" on the aluminum market from Indonesia's restrictions on exports of raw materials, including bauxite, Solovyev said. Indonesia accounted for 60% of the world's bauxite supplies.
"Gradually [Indonesia] is beginning to be replaced by imports from other regions. Therefore, our efforts should be focused on trying to spread Indonesia's practice to Malaysia
in order to preserve the balance of demand and supply in Asia-Pacific region," Solovyev said.