SHANGHAI, Nov. 27 (SMM) --
According to China Customs, China's bauxite imports during October fell to 1.48 million mt, down from September levels of 2.69 million mt. October's imports fell to the average monthly import level for 2009, and were down 13.31% YoY. Bauxite imports plunged during 4Q 2008 due to the global financial crisis, but CBI predicts bauxite imports will report positive growth during the last two months in 2009, despite current high freight charges.
China's alumina imports were 411.1 kt during October, which was in line with CBI's previous forecast of approximately 400 kt. CBI also predicts China's total alumina imports will reach 5 million mt during 2009.
China's aluminum imports were 26 kt during October, down 77.82% YoY. The falling SHFE/LME aluminum price ratio resulted in limited profits for aluminum ingot importers. In addition, imports from previous long-term contracts were lower as well, as limited long-term contracts were re-exported to Japan and South Korea, where premiums were relatively high. In this context, China's imports of aluminum ingot will fall further, to approximately 10 kt, during the remainder of 2009.
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