SHANGHAI, Apr. 3 (SMM) – China exported 390,000 mt of aluminum semis in February, up 178.57% YoY, but down 2.6% MoM, customs data showed.
The Chinese New Year fell in February this year. This should have undermined aluminum semi exports. SMM attributes the unexpected rise in export volumes to token exports of aluminum plate, sheet and strip – up 170,000 mt YoY and 18,000 mt MoM to 232,000 mt.
Aluminum extrusion exports were 65,000 mt, up 44,000 mt YoY, but down 2,000 MoM. Aluminum foil exports were 69,000 mt, up 22,000 mt, but down 13,000 mt MoM.
Exporters locked in a large number of orders when the SHFE/LME aluminum price ratio slipped before Chinese New Year. This should result in stable exports in March. The rising SHFE/LME aluminum price ratio, combined with falling aluminum premiums overseas, could slow export growth in Q2.