SHANGHAI, Dec 23 (SMM) – Imports of unwrought aluminium alloy stood at 107,000 mt in October, decreasing 28% from September and surging 543.1% from a year earlier, and totalled 1.04 million mt in the first ten months of 2020, soaring 753.1% from the same period last year, according to the latest customs data. China exported 18,100 mt of unwrought aluminium alloy in October, down 24.2% month on month and 52.3% year on year, and exports totalled 171,600 mt in the ten months of this year, down 60.6% from the same period last year.
The cancellation of import tariff on secondary aluminum ingots in the new tariff No.760200020 will be one of the biggest influencing factors on the import of unwrought aluminum alloy in the near term. At present, there are rumors in the market that processing enterprises have successfully imported duty-free by using the new tariff, but it still takes time for more enterprises or traders to try to draw an accurate conclusion.
In the actual implementation process of the new tariff code, only a very small amount of cargoes were successfully imported at Ningbo Port in early November. All local customs did not recognize the new tariff code because they had not been notified by the General Administration of Customs. Therefore, it is expected that the number of imported aluminum alloy ingots will decline month by month from November to December. Its implementation still needs to wait after the Spring Festival next year at the earliest.
