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China's raw aluminium imports surged 64 per cent in November from October to 229000 tonnes, up 309 per cent from November 2020, according to customs data.
According to market participants, raw aluminum imports are expected to decline in December compared with November, as domestic aluminum prices have been falling over the past few weeks, causing buyers to suffer losses on imports.
* Import of raw aluminum *
China's primary aluminum imports reached their highest level since September 2020 in November, according to customs data.
Domestic smelters face production barriers and the pace of imports has been accelerating in 2021 due to power restrictions and stricter controls on energy consumption.
Imports of unwrought aluminum and aluminium products in November were 398000 tons, up 109.3% from a year earlier, according to customs data.
China is the world's largest producer of aluminium and has recently shifted from a net exporter to a net importer. Since the beginning of 2020, China's imports have surged as domestic prices have surged ahead of seaborne prices, while an economic recovery has pushed up industrial consumption.
The main January contract for aluminum futures on the Shanghai Futures Exchange closed at 19600 yuan / ton on December 21, up 20 per cent from the level on December 21, 2020, according to the Shanghai Futures Exchange.
* Alumina imports *
Customs data show that China imported 158000 tons of alumina in November, down 28.1% from October and the fourth consecutive month of decline.
Due to oversupply in the domestic market, aluminum prices have continued to fall in the past few weeks, and aluminum prices are still on a downward trend.
Market participants said that there may not be a significant increase in alumina imports in December, as oversupply continues to depress domestic alumina prices.
According to industry insiders, the winter heating season is under way and the production impact on domestic smelters is limited, while some smelters in the north have begun to restore idle capacity earlier this year, indicating good production support in the short term.
Imports of alumina from Australia fell 47.6 per cent from the previous month to 62500 tonnes in November. Imports of alumina from Australia account for 39.6% of China's total alumina imports.
