China Primary Aluminum Imports Down 23,200 mt MoM in November

SHANGHAI, Dec. 30 (SMM) –According to China Customs, China imported 11,700 mt of primary aluminum in November, down 23,200 mt MoM. 

The SHFE/LME aluminum price ratio fell back in November. Chinese processors received fewer orders under tolling trade as Christmas holiday was nearing. Yuan’s depreciation weakened Chinese buyers’ purchasing power. All these three negative factors resulted in lower import volumes. 

The SHFE/LME aluminum price ratio rebounded in December. Despite a higher price ratio, yuan’s devaluation and Christmas holiday in western countries mean China’s primary aluminum imports will continue falling in December.