China unwrought aluminium, aluminium products exports fell 29% YoY in May

[SMM analysis: The high abroad and low domestic aluminium prices drove the export volume of domestic unwrought aluminium and aluminium semis increasing significantly YoY in March] Since August 2021, China's unwrought aluminium and aluminium semis exports have increased significantly YoY, and reached a record high in the first quarter of this year. According to the short-term forecast, aluminium prices at home and abroad will fell in April, but the pattern of high abroad aluminium prices and low domestic aluminium prices will remain, and the domestic aluminium exports will remain high. However, since March, the domestic pandemic interfered with the operation and transportation of domestic aluminium processing enterprises, and ports in Shanghai and other regions were severely blocked.

China exported 509,300 mt of unwrought aluminium and aluminium semis in November, up 6.2% from the previous month and 20.1% on the year, according to customs data. Exports totalled 5.06 million mt in January-November, up 14.9% on the year. The exports of unwrought aluminium and aluminium semis hit a record high since March 2020.

China exported 509,300 mt of unwrought aluminium and aluminium semis in November, up 6.2% from the previous month and 20.1% on the year, according to customs data. Exports totalled 5.06 million mt in January-November, up 14.9% on the year.

Aluminium prices retreated 25% as of October 29, the biggest of correction in a week since 10 years ago. Its decline slowed in early November. The most-traded SHFE aluminium contract stood at 20095 yuan/mt today.

SHFE nonferrous metals all went up today, amid the dovish statement by the European Central Bank president, the high US jobless claims, and the high July PMI in Eurozone.

Shanghai base metals all cruised higher on Friday morning after the head of the Federal Reserve told Congress he saw no need to rush the shift towards tighter post-pandemic monetary policy. Meanwhile, their counterparts on the LME mostly cruised lower.

Shanghai base metals were mostly higher on Monday morning as investors digested a better-than-expected US jobs report. Meanwhile, their counterparts on the LME fell for the most part.

Shanghai base metals mostly cruised lower on Tuesday morning despite gains overnight on Wall Street that saw the S&P 500 and Nasdaq Composite touching fresh record closing highs. Meanwhile, their counterparts on the LME traded mixed.

SHFE nonferrous metals rose for the most part on Thursday April 29 as investors reacted to the US Federal Reserve's decision to keep its easy money policy in place.

SHFE nonferrous metals closed higher across the board on Monday April 26 as investors gear up for a busy week on the data and earnings front.