Customs data reveals that China’s aluminum imports in August saw a year-on-year increase of 38.9%, indicating low domestic inventories and improved demand prospects, prompting buyers to expedite their import efforts.
Data from the General Administration of Customs shows that China imported 278,658 tons of unwrought aluminum in August, including primary aluminum and aluminum alloys, marking a 20.4% increase from July’s import volume of 231,452 tons.
From January to August this year, China’s aluminum imports reached 1.71 million tons, marking a 15.8% increase compared to the same period last year.
Several factors have contributed to the growth in aluminum imports. Market expectations suggest that aluminum demand may improve in the autumn of this year, as the manufacturing sector is expected to experience a seasonal rebound. China has implemented measures to support the real estate industry, which have also boosted the demand outlook for this industrial metal. Aluminum finds extensive applications in construction, transportation, and packaging industries.
A decrease in domestic aluminum inventories in China has also contributed to the support for import demand. Last month, aluminum inventories at registered warehouses of the Shanghai Futures Exchange fell below 100,000 tons, reaching the lowest level since December 2022, and less than one-third of the inventory peak witnessed in March this year.
It is noteworthy that China has increased its imports of Russian aluminum this year. In the first eight months of this year, China imported 522,246 tons of primary aluminum from Russia, marking a 177% increase compared to the 188,533 tons imported during the same period last year.
Post time: Sep-20-2023