SHANGHAI, Aug 25 (SMM) – Chinese imports of primary aluminium in July 2022 totaled 51,037.4 mt, an increase of 79.1% over the same month last year and a decline of 72% from the same period the year before. There were 248,273.2 mt of primary aluminium imported from January to July, a decrease of 73.2% over a year ago.
In July, China exported 7,588.5 mt of primary aluminium, up 14.6% from the previous month and 1665% from the previous year.
According to statistics, China imported 43,448.95 mt of primary aluminium in July 2022. This is an increase of 98.6% over June and a decrease of 76.1% over the same month last year. There was a 93% decrease in net imports from January to July, 63,987.95 mt.
In the following analysis, SMM will focus on primary aluminium imports rather than domestic exports, as domestic primary aluminium exports were small.
Aluminium prices at home and abroad fell sharply in June, with LME aluminium leading the decline, according to SMM analysis of the 79.1% increase in domestic primary aluminium imports in July. Therefore, the domestic import window for aluminium ingots was forced to open, and the import losses narrowed to below 100 yuan/mt, allowing overseas traders to ship cargoes to China. During July, the United States also raised interest rates dramatically. Due to the downturn of the overseas economy, overseas demand for aluminium was poor, and some local suppliers once again focused on domestic sales.
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