Aluminum Imports and Exports: Primary Aluminum Imports Up 5.9% YoY, Ordinary Trade Share Drops Below 0.2% [SMM Analysis]

Published: May 22, 2026 19:43

Save

SMM May 22:

According to data from the General Administration of Customs, China's primary aluminum imports in April 2026 were approximately 265,000 mt, up 4.1% MoM and up 5.9% YoY. From January to April 2026, China's cumulative primary aluminum imports totaled approximately 911,000 mt, up 9.2% YoY. In April, China's primary aluminum exports were approximately 16,000 mt, up 6.3% MoM and up 13.7% YoY. From January to April, cumulative primary aluminum exports totaled approximately 54,000 mt, up around 55.1% YoY. In April, China's net primary aluminum imports were 250,000 mt, up 4.0% MoM and up 5.5% YoY. From January to April, China's cumulative net primary aluminum imports were approximately 858,000 mt, up 7.2% YoY. (The above import and export data are based on HS codes 76011090 and 76011010.)

By country of origin, 83.6% of China's total primary aluminum imports in April came from the Russian Federation, 7.9% from Indonesia, 3.5% from Australia, and 2.7% from India.

By trade mode, from January to April, the share of primary aluminum imports under Ordinary Trade was 4.0%, 1.3%, 1.7%, and 0.2% respectively, down 23.6, 27.2, 21.3, and 23.7 percentage points YoY respectively. LME aluminum outperformed SHFE aluminum in price trends, the SHFE/LME price ratio declined, and imports under Ordinary Trade decreased. It is possible that large volumes of bonded warehouse cargo may be re-exported to other countries outside China going forward.

According to SMM surveys, long-term contracts and previously signed orders in April were fulfilled normally. Combined with in-transit cargo arriving at ports successively, China's primary aluminum imports remained at elevated levels. Currently, the supply-demand gap in the ex-China aluminum market is significant, with high spot aluminum ingot premiums outside China. Going forward, some imported cargo may be diverted for re-export to high-premium regions such as Japan and South Korea, Thailand, India, and Europe and the US.

Overall, China's net primary aluminum imports in 2026 are expected to decline YoY.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

10 hours ago

Middle East Crisis Sparks Global Economic Slowdown and Inflation, UN Report Shows

The *World Economic Situation and Prospects as of Mid-2026* report released by the United Nations clearly pointed out that the Middle East crisis has posed a new round of shocks to the global economy, directly leading to a slowdown in global economic growth, a renewed climb in inflationary pressures, and a further intensification of global economic uncertainty. Notably, the impact of this crisis has been highly uneven, with developing countries bearing the brunt of the shocks. As things stand, global economic growth is expected to reach 2.5% in 2026, though this figure has been revised down by 0.2 percentage points from the January forecast.

10 hours ago

EU Reaches Provisional Agreement on EU-US Trade Deal with Expiry and Safeguard Clauses

Under this provisional agreement, the tariff concessions granted by the EU on US industrial products, certain agricultural products, and seafood will expire on the originally scheduled date if both sides do not decide to extend them. In addition, the EU plans to establish a "safeguard mechanism": if US goods imports surge sharply and cause serious damage to EU industry or agriculture, the European Commission will have the authority to launch an investigation and suspend the corresponding tariff concessions. Regarding steel and aluminum products, if the US maintains tariffs exceeding 15% on EU steel and aluminum derivative products before the end of 2026, the European Commission will likewise have the authority to suspend certain tariff concessions.

10 hours ago

Fed Minutes Signal Shift to Tightening Policy Amid Inflation Concerns, Surprising Markets

The US Fed meeting minutes revealed that many policymakers were inclined to abandon the easing bias, with most participants indicating that if inflation remained persistently above the 2% level, it would be necessary to tighten policy. Only a few officials supported future interest rate cuts, and the hawkish tone of the language far exceeded market expectations. Additionally, according to CME data, the market is now pricing in a 60% probability of the US Fed raising interest rates by 25 basis points before year-end, while expectations for interest rate cuts in 2026 have virtually disappeared.

10 hours ago