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SMM, December 20, 2024:
According to customs data, China's aluminum foil exports in November 2024 totaled 1.595 million mt, up 19% MoM and 46% YoY.
By export destination, the top two countries for aluminum foil exports in November remained Thailand and India, with Indonesia, the UAE, Mexico, and South Korea also ranking high. The export destination structure remained stable. In November, China exported a total of 971,000 mt of aluminum foil to the top 10 destination countries, accounting for 60.89% of the total, with a slight increase in concentration compared to previous months, possibly due to active stockpiling by some major clients in November.
SMM believes that the Chinese government's announcement to cancel aluminum semis export tax rebates starting December 1 triggered active shipments by aluminum foil enterprises, driving the significant increase in November's aluminum foil export volume. However, with the official cancellation of export tax rebates in December, the rush to export is expected to subside, and aluminum foil export volumes may pull back to lower levels in the future.
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