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[SMM analysis] Foreign demand slowly picks up and exports of unwrought aluminum and aluminum products rose slightly in August compared with the previous month.
Sep 8,2020 09:35CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM9: according to data from the General Administration of Customs, unwrought aluminum and aluminum products exported 395400 tons in August 2020 and 373000 tons in July, an increase of 5.89 percent compared with the previous month. Exports decreased by 70600 tons compared with August 2019, down-15.15% from the same period last year. Exports of unwrought aluminum and aluminum products totaled 3.1347 million tons from January to August 2020, down 20.40 percent from 3.938 million tons from January to August 2019.

The export volume of unwrought aluminum and aluminum products rose slightly month-on-month in August, mainly because foreign demand rebounded under the dual support of stimulating the economy and strictly controlling the epidemic situation, leading to an increase in China's domestic aluminum export demand, but from a year-on-year point of view, as of August 2020, China's unwrought aluminum and aluminum exports have been lower than last year for 14 consecutive months, and the year-on-year performance is relatively poor, which is the result of a combination of factors. The impact of the epidemic, the high ratio of Shanghai to London and foreign trade friction are the main reasons. Considering that the epidemic is still spreading rapidly abroad in the medium term, the resumption of work in foreign factories and manufacturing industries is still relatively slow, and the Shanghai-to-London ratio has narrowed limited in the context of the current internal and external trend, it is expected that the export volume of unwrought aluminum and aluminum products will hardly rise significantly in September compared with the same period last year, and the high probability will remain below 450000 tons.

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