SMM Aluminum Products Imports & Exports Data Analysis in October 2012

SHANGHAI, Dec. 4 (SMM) -  

Bauxite
According to China Customs, China imported 2.14 million mt of bauxite during October, down 30.59% YoY. YTD imports through October hit 32.48 million mt, also down 9.25% YoY.

SMM data shows that China imported 1.05 million mt of bauxite from Indonesia, down 55.16% YoY, and 730,000 mt from Australia, up 2.78% YoY. China also imported 290,000 mt of bauxite from India, 50,000 mt from Malaysia, and 30,000 mt from Guyana.  

Alumina
China imported 368,500 mt of alumina during October, up 41.00% YoY. YTD imports through October were 4.09 million mt, up 181.49% YoY. SMM attributes the increase in alumina imports to robust demand from domestic aluminum smelters and a stronger RMB after continuous appreciation. Rising domestic bauxite prices, restrictions on Indonesian bauxite exports and higher export tariffs on Indonesian bauxite have all pushed up raw material costs and cut profits at Chinese alumina producers. These higher costs, however, are helping support higher domestic alumina prices.

Primary Aluminum
China imported 48,900 mt of primary aluminum during October, up 406.86% YoY and 21.64% MoM. The SHFE/LME aluminum price ratio remained high throughout September and into early October, favoring primary aluminum imports.

Aluminum Semis
According to China Customs, China exported 220,000 mt of aluminum semis in October, down 4.35% YoY and 8.33% MoM. The SHFE/LME aluminum price ratio remained high from September to early October, restricting exports. Coupled with waning demand in 4Q, China’s aluminum semis exports dropped in October.