SHANGHAI, Jul. 28 (SMM) –China imported 7,100 mt of primary aluminum in June, down 51.63% YoY, but up 5.97% MoM, customs data showed.
Imports totaled 53,800 mt in H1, plunging 76.31% YoY.
Aluminum premiums in Japan fell to a six-year low of around USD 100/mt for Q3 shipment. The SHFE/LME aluminum price ratio climbed to above 7.3. Both factors offered incentive for imports, which explained the MoM rise in import volumes.
SMM expects China’s primary aluminum imports to stay low for the rest of the year on depressed domestic and overseas aluminum market. Overcapacity persists in domestic aluminum market, and flooding of Chinese aluminum semis has grown overseas supply.