Two key traders from Glencore's aluminum department are leaving for Vitol and Mercuria, highlighting the growing competition in the metals trading sector as energy firms expand their operations. Sam Imfeld is joining Vitol in Singapore, while Steven Rojas will join Mercuria later this year. These departures come as Mercuria, Vitol, and Gunvor aggressively build their metals trading teams, capitalizing on opportunities in aluminum, copper, and iron ore. The moves also reflect the challenges faced by long-standing metals trading giants like Glencore and Trafigura Group.
Two of the top traders in Glencore Plc’s aluminum department are leaving for Vitol Group and Mercuria Energy Group Ltd — the latest sign of how a return into metals by energy firms is fueling a talent war in the sector.
The moves are the latest signs that Glencore and Trafigura Group, which have long dominated metals trading, are being challenged by an influx of new competition. Mercuria, Vitol and Gunvor Group are staffing up sizable teams in aluminum, copper and iron ore as they look to generate revenues outside of energy markets that have been extremely lucrative since Russia’s invasion of Ukraine.of Glencore’s iron ore team, while Mercuria has aggressively hired about 40 staff in metals in a few months.
Mercuria and Vitol’s hires come after alumina prices surged to a record on the back of a scramble for supplies after export restrictions from leading bauxite miner Guinea. While prices have slid 16% from a record high of $805.83 a ton in December, they remain elevated relative to aluminum prices, hurting traders that often have long-term contracts to supply alumina at prices linked to the price of aluminum.
Metals Trading Talent War Glencore Vitol Mercuria Energy Firms Aluminum
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mercuria Partners with Zambia in Metals Trading VentureMercuria Energy Group is collaborating with Zambia's Industrial Development Corp. on a metals trading venture, aiming to secure access to copper resources. The joint venture will buy and sell copper domestically and for export, potentially handling over 250,000 tons annually. Mercuria will provide financing and the deal is intended to increase transparency on profits made from copper trading for the Zambian government.
Read more »
Glencore Eyes Sale of Philippine Copper Unit Amid Smelting Fee PressuresGlencore Plc is exploring the sale of its copper smelting business in the Philippines, Philippine Associated Smelting and Refining Corp. (Pasar), amidst softening processing fees and increased competition in the global copper market.
Read more »
Potential Buyers Submit Offers for Glencore's Stake in Mothballed New Caledonian Nickel ProducerTwo potential buyers have submitted offers for Glencore's stake in the mothballed New Caledonian nickel producer Koniambo Nickel SAS (KNS) following site visits late last year.
Read more »
Glencore ties up with Cyclic Materials in copper recycling pushNo 1 source of global mining news and opinion
Read more »
USD/JPY rally halts at 152.90 awaiting more data from the USThe US Dollar recovery loses steam with bulls halted at 152.90.
Read more »
Another Young Hogs' Defensive Player Intends to Enter PortalArkansas loses player Pittman mentioned by name as a future contributor
Read more »