Exports of unwrought aluminum and aluminum semis continued to rise in July

According to the latest data from the General Administration of Customs: In August 2024, China's exports of unwrought aluminum and aluminum semis reached 594,000 mt, up 1.19% MoM and up 21.2% YoY; the cumulative exports from January to August totaled 4.352 million mt, up 15.0% YoY.
In August, the price spread between domestic and overseas markets, with LME outperforming SHFE, favored domestic producers' export strategies. Despite the narrowing price spread, overseas end-users continued to stockpile to avoid potential anti-dumping measures. Additionally, based on the recent SMM survey, domestic aluminum processing enterprises received new orders for overseas inventory replenishment. It is expected that the export volume in September will maintain the YoY and MoM growth trend.