SHANGHAI, Jun. 8 (SMM) –Customs data showed China exported 400,000 mt of unwrought aluminum and aluminum semis in April, down 20,000 mt MoM and 7% YoY. YTD exports through April totaled 1.48 million mt, down 10.0% YoY.
Rising SHFE/LME aluminum price ratio cut export profit, leading to declines in export volumes. But the decline was limited, due to two reasons. First, some exporters were still willing to take export orders so as to maintain customer relationship. Second, yuan’s exchange rate against the US dollar still brought profit for exporters.