SMM August 21 News:
Import side, data from the General Administration of Customs showed that in July 2026, China's primary aluminum imports were about 185,000 mt, up 10.8% MoM and down 25.4% YoY. The cumulative total imports from January to July 2026 were about 1.472 million mt, down 1.8% YoY. Export side, data from the General Administration of Customs showed that in July 2026, China's primary aluminum exports were about 32,000 mt, down 17.9% MoM and down 23.2% YoY. The cumulative total exports from January to July 2026 were about 146,000 mt, up about 14.1% YoY. Net import side, in July 2026, China's net imports of primary aluminum were 154,000 mt, up 19.4% MoM and down 25.9% YoY. The cumulative net imports from January to July 2026 were about 1.326 million mt, down 3.3% YoY.
(The above import and export data are based on HS codes 76011090 and 76011010)
From the perspective of import source countries, the rebound of 18,000 mt in primary aluminum imports in July was mainly due to increased supply from Russia, with a single-month increase of 24,000 mt in imports. From the perspective of import trade modes, the combined imports via Entrepot Trade by Customs Special Control Area and Entry and Exit Goods in Bonded Control Areas increased by 24,000 mt MoM. On the export side, July exports mainly flowed to India, South Korea, and the US, accounting for about 70% of total exports.
Prior to June, the loss margin on primary aluminum imports widened, leading to a decline in China's primary aluminum imports and an increase in entrepot trade, and net imports in June dropped to below 130,000 mt. However, since June, as the SHFE/LME price ratio rapidly recovered, the import loss narrowed significantly from about 7,600 yuan/mt to about 2,850 yuan/mt, and the processing trade manual window opened, so subsequent primary aluminum imports are expected to show a rebound trend.
Data source: SMM
(Guo Mingxin, 021-20707919)
