Chinese imports of Russian precious metal ores and concentrates has increased 80% over the first six months of this year compared to the same period of 2024, to $1 billion, according to media reports.
Bloomberg cites Trade Data Monitor report, which sources information from China’s customs office, according to which high precious metals prices boosted Russia’s revenue.
It said the Bank of Russia, formerly the world’s largest central bank gold buyer, has not resumed large-scale purchases, leaving China as one of the country’s few remaining major markets.
At the same time, one of the world’s top producers of palladium and platinum Norilsk Nickel has ramped up exports to China this year. It took advantage of the increase in both metals’ prices to 38% and 59%, respectively.
Theodor Lisovoy, Managing Editor, Rough&Polished
