SHANGHAI, Feb. 14 (SMM) -- According to China Customs, China’s alumina imports reached 450,000 mt during January, up 37% YoY, and up 125% MoM.
SMM sources report that imported alumina still enjoys price advantage compared with domestic alumina due to falling overseas alumina prices and RMB appreciation. On February 13, Western Australia alumina FOB prices were USD 317.5/mt, while domestic alumina prices rose slightly after the Chinese New Year holiday, with non-CHALCO alumina prices at RMB 2,620/mt based on SMM statistics.
As Chinese currency RMB has strengthened to 6.2 against the US dollar recently, imported alumina prices are about RMB 70/mt lower than domestic alumina prices. Many domestic aluminum producers and traders that signed long-term contracts with overseas exporters chose to increase alumina import volume, thereby causing China’s alumina imports to soar during January.