Top Glencore Aluminum Traders Depart for Rivals Vitol and Mercuria
Glencore Plc is facing significant talent losses as two of its senior aluminum traders depart for rival firms Vitol Group and Mercuria Energy Group Ltd. The moves highlight intensifying competition in the metals trading sector, fueled by energy firms expanding into metals markets.
Sam Imfeld, a veteran member of Glencore’s aluminum and alumina trading team, is set to join Vitol in Singapore, according to sources familiar with the matter. Meanwhile, alumina trader Steven Rojas will transition to Mercuria later this year. Both traders were key players under Robin Scheiner, Glencore’s head of aluminum and alumina trading.
This shake-up underscores how Glencore and Trafigura Group, historically dominant in metals trading, are now being challenged by energy-focused firms like Mercuria, Vitol, and Gunvor Group. These competitors have been ramping up their presence in metals such as aluminum, copper, and iron ore, seeking diversification and new revenue streams outside of energy markets, which have been lucrative since Russia’s invasion of Ukraine.
The trend is not new: last year, Vitol recruited several members of Glencore’s iron ore team, while Mercuria has aggressively hired around 40 professionals for its metals division in recent months.
The departures follow other notable exits at Glencore, including Jason Kluk, the head of nickel and ferroalloy trading, who left the company in November.
These moves come amid volatility in alumina prices, which surged to record highs due to supply disruptions following export restrictions from Guinea, a leading bauxite producer. Although alumina prices have dropped 16% from a December peak of $805.83 per ton, they remain elevated compared to aluminum prices, challenging traders with long-term contracts tied to aluminum benchmarks.
Aluminum has historically been a cornerstone of Glencore’s trading operations, supported by substantial agreements with major players like Century Aluminum Co. and Russia’s United Co. Rusal International PJSC. In 2023, Glencore further strengthened its position upstream with a $1.1 billion acquisition of alumina and bauxite assets in Brazil.
Once the undisputed leader in metals trading, Glencore claimed to control 50% or more of certain addressable metals markets in its 2011 IPO prospectus. However, recent years have seen Trafigura emerge as a formidable rival, matching or surpassing Glencore in key markets such as copper.
As energy firms like Vitol and Mercuria continue to poach talent and expand their influence, the competitive landscape in metals trading is undergoing a dramatic transformation.
