SHANGHAI, Apr. 28 (SMM) – China imported 10,600 mt of primary aluminum in March, down 74.25% YoY, but up 60.61% MoM. Imports in Q1 totaled 22,500 mt, down 85.35% YoY, customs data showed.
LME aluminum fell to USD 1,800/mt due to tumbling crude oil, growing aluminum semis exports by China, expansions in Indian aluminum market, aggressive aluminum exports by Russia, and changes in LME warehousing rules. SHFE aluminum, by contrast, held relatively well. This pushed up the SHFE/LME aluminum price ratio, favoring aluminum imports. In addition, overseas aluminum premiums fell sharply, another incentive for imports.