SMM Analysis: Primary Aluminum Net Imports Plunge YoY in Q1 2025 Due to Closed Import Window

SMM Analysis: Net Imports of Primary Aluminum in January-February 2025 Plunge YoY as Import Window Remains Closed

Aluminum prices continue to show LME outperforms SHFE, with the domestic import window still closed. The import losses hover around 2,600 yuan/mt, and overseas suppliers are less willing to clear customs and ship to China. SMM expects that in March, primary aluminum imports will mainly be fulfilled through long-term contracts, making it difficult to see an increase in net imports.