SMM July 31 –
In terms of imports and exports, according to data from the General Administration of Customs of China, from January to June 2026, China's cumulative alumina imports reached 2.277 million tonnes, up a substantial 749.1% year-on-year; cumulative exports stood at 1.609 million tonnes, up 19.8% year-on-year; resulting in a net import of 668,000 tonnes, with the net import pattern continuing to widen.
By import origin, Australia remained the largest supplier, with cumulative imports of 1.643 million tonnes in H1, accounting for 72.14% of total imports—compared to just 495,000 tonnes for the full year of 2025. Imports from Indonesia reached 398,000 tonnes, accounting for 17.5%, already exceeding the full-year 2025 volume of 310,000 tonnes. Overall import volumes continue to climb. In terms of port inventories, as of July 30, alumina stocks at major Chinese ports stood at approximately 940,000 tonnes, indicating that overseas alumina continues to exert pressure on the domestic market. So far, at least six cargoes of imported alumina are known to be arriving in August, with imports of around 210,000 tonnes already confirmed, and more shipments are expected to follow.
On the export side, China exported 1.022 million tonnes of alumina to Russia in H1, accounting for 63.5% of total exports, keeping Russia as China's largest alumina export destination. Meanwhile, exports to Oman, the UAE, and Saudi Arabia reached 294,000 tonnes, 159,000 tonnes, and 34,000 tonnes, respectively, collectively accounting for 30.3% of total exports. Geopolitical tensions in the Middle East remain unresolved. Although some production capacity has resumed, key shipping lanes remain blocked, forcing cargoes to be rerouted via overland transport. As a result, some overseas alumina needs to be shipped to China for rebagging into sacks before being re-exported to the Middle East, which explains why export volumes to these three countries have not declined thus far.
Overall, although overseas alumina prices have risen recently, both import and export volumes are expected to remain elevated, and the net import pattern is likely to continue in July.
On the overseas market front, the global alumina market remained in surplus in July. As of July 31, the lowest spot transaction price overseas was $325/mt FOB Western Australia, equivalent to approximately RMB 2,868.8/tonne at major domestic ports including VAT.
