Rebound! Aluminum Wire and Cable Exports Up 53% MoM in October [SMM Analysis]

November 28, 2024: According to customs data, aluminum wire and cable exports in October 2024 reached 14,300 mt, marking a rebound with a 52.7% increase from August and up 13.64% YoY. The total export value in October was $41.5 million, up 47.89% MoM. Specifically, exports of steel-core aluminum stranded wire and similar products were 8,480 mt, up 82% MoM, while exports of aluminum stranded wire and similar products reached 5,831 mt, up 23% MoM. (Data based on HS codes 76141000 and 76149000)

China aluminum wire and cable exports by month (mt)

Regarding export registration locations, 20 provinces exported aluminum wire and cable in October, with Jiangsu and Henan leading the way, exporting 6,184.3 mt and 4,542.9 mt respectively, accounting for 75% of the total export volume.

The top 15 export destinations for aluminum wire export in October were mostly in Africa, South America, and Southeast Asia, primarily developing countries. These countries are focusing on power grid construction, making them major consumers of aluminum wire. Overall, there were no significant changes in these major consumer countries.

SMM Brief Comment: Aluminum wire and cable exports have slightly underperformed expectations this year. According to customs data, total exports from January to October 2024 were 151,600 mt, down 2.85% YoY. Due to tight domestic end-use sector demand and companies prioritizing domestic supply, coupled with a growing trend in overseas aluminum wire and cable capacity, 2024 exports showed a move downwards after a higher opening, resulting in a slight YoY decline. In 2024, China’s aluminum wire and cable were mainly exported to 140 countries, including Ghana, Malaysia, Uzbekistan, the Philippines, and Egypt, maintaining a broad and scattered export characteristic. The main exporting provinces from January to October 2024 were Jiangsu, Henan, and Beijing, with their combined exports accounting for 68.2% of the total.

From a product type perspective, exports of steel-core aluminum stranded wire from January to October were 91,537 mt, accounting for 60% of total exports, up 7% YoY from 85,503 mt in 2023. Other types of aluminum wire exports were 60,121 mt, down 14.8% YoY from 70,797 mt in 2023. This indicates that exports related to overseas power grid construction still show positive growth, while exports for other applications have declined. However, according to company feedback, Q4 domestic aluminum wire and cable export orders are optimistic, and the total export volume for 2024 is expected to be around 200,000 mt.