October Aluminum Plate/Sheet and Strip Exports Increase, Future Remains Uncertain [SMM Analysis]

SMM, November 28, 2024: According to customs data, China's aluminum plate/sheet and strip exports in October 2024 amounted to 300,300 mt, up 34% YoY and up 4% MoM. By export destination, the top 5 countries for aluminum plate/sheet and strip exports in October were Mexico, Vietnam, Canada, South Korea, and the US, with Mexico remaining at the top. In October, China exported approximately 177,600 mt of aluminum plate/sheet and strip to the top 10 destination countries, accounting for about 59.16% of the total aluminum plate/sheet and strip exports.

On November 15, the Chinese government announced the cancellation of aluminum semis export tax rebates starting from December 1. In response, Chinese aluminum plate/sheet and strip enterprises have generally communicated with downstream customers to accelerate shipments and avoid increased costs. This is expected to drive an increase in aluminum plate/sheet and strip exports in November. However, following the cancellation of the export tax rebate, some aluminum plate/sheet and strip products will inevitably lose some overseas orders due to the loss of price advantage. Coupled with the fact that overseas market consumption has not yet recovered and some countries are considering imposing additional tariffs on China, there remains significant uncertainty for aluminum plate/sheet and strip exports in 2025.