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Location:HOME>News>Industry news>Overseas aluminium prices, China‘s aluminium imports jumped to an 11-year high

Overseas aluminium prices, China‘s aluminium imports jumped to an 11-year high

2020-08-10

China's aluminum imports surged by more than 490% in June from a year earlier, the highest level in 11 years, according to customs data on Thursday, as traders who rarely buy large quantities of aluminum from overseas have taken advantage of lower overseas aluminum prices.


According to the data released by the General Administration of customs, China, as the world's aluminum producer, imported 288783 tons of unshaped aluminum and aluminum products in June.


Customs said the level was more than twice the import volume of 119145 tons in May, an increase of 493.1% compared with June 2019, reaching the highest level since June 2009, as buyers take advantage of domestic and international price differences.


China exported 354038 tons of unshaped aluminum and aluminum products last month, down 30% from a year earlier, according to customs data.


From January to June, the import volume was 816592 tons, with a year-on-year increase of 219.2%, while the export volume was 2.37 million tons, a year-on-year decrease of 20.6%. China's net exports in the first six months of 2020 are 1.5 million tons.


Aluminum prices in Shanghai rose 23% in the second quarter as Chinese consumption rebounded sharply from the slump triggered by the epidemic. Due to weak demand outside China, the price of aluminum in London rose by only 6.1% from April to June this year, and fell by 15.7% in the first quarter of this year.


At the end of May, the difference between Shanghai and London aluminum spot prices widened to nearly 1800 yuan per ton, the highest level since January 2014, providing arbitrage opportunities for aluminum entering China from overseas.


In recent months, China's imports of raw alloy aluminum (known as secondary aluminum ingots by analysts) have also increased to make up for restrictions on the import of scrap metals.


The data also showed that alumina exports in June surged 783.1% year-on-year to 30000 tons. In the first half of this year, China exported 100000 tons of alumina, down 46% from the same period last year.

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