Import Window Closed, Net Aluminum Imports Hit New High in April [SMM Analysis]

SMM News on May 29:

Primary Aluminum Imports: According to data from the General Administration of Customs, China's primary aluminum imports reached approximately 250,500 mt in April 2025, up 12.8% MoM and 14.6% YoY. From January to April, the cumulative primary aluminum imports totaled about 634,300 mt, down 11.2% YoY.
Primary Aluminum Exports: According to data from the General Administration of Customs, China's primary aluminum exports reached approximately 13,700 mt in April 2025, up 54.6% MoM and 643.0% YoY. From January to April, the cumulative primary aluminum exports totaled about 34,500 mt, up approximately 139.6% YoY.
Net Primary Aluminum Imports: In April 2025, China's net primary aluminum imports reached 236,800 mt, up 11.1% MoM and 14.8% YoY. From January to April, the cumulative net primary aluminum imports totaled about 799,800 mt, down 13.6% YoY.

(The above import and export data are based on HS codes 76011090 and 76011010.)

From the perspective of import source countries, the main sources of China's primary aluminum imports in April 2025 were the Russian Federation, Indonesia, India, Malaysia, Australia, China, Iran, and other countries and regions. Among them, the total primary aluminum imports from Russia in April were approximately 227,000 mt, up 12.44% MoM again, accounting for 90.3% of the imports in March. In addition, the primary aluminum imports from China in March were approximately 2,300 mt, down 44.32% MoM. This portion was mainly Chinese alumina exported to Russia, processed into aluminum ingots, and then re-imported into the Chinese market. From the perspective of the origin of aluminum ingots, Russian aluminum ingots still dominated. Therefore, the total imports from Russia in April reached 228,600 mt, accounting for 91.26% of China's total primary aluminum imports. Currently, overseas primary aluminum imports are in a loss-making state, with import losses fluctuating around 1,000 yuan/mt. However, due to weak overseas demand and continuous destocking in the domestic market, overseas supplies are being stimulated to be shipped to China, entering the domestic spot market at an appropriate time. In addition, some processors have indicated an increase in manual processing orders on hand this year.

From the perspective of trade modes: In terms of the primary aluminum import trade mode in April, the import losses fluctuated in April, increasing suppliers' willingness to clear customs and ship to the Chinese market, leading to an increase in overseas supplies in the spot market. Approximately 49 mt of barter trade was added in April.

SMM Commentary: Currently, aluminum prices still maintain the trend of overseas market outperforming domestic market. The domestic import window is closed, with import losses fluctuating around 1,000 yuan/mt. Coupled with weak overseas demand and domestic processors' increased willingness to engage in manual processing due to cost considerations, it is expected that domestic net primary aluminum imports will remain high in May.

Data Source: SMM Click on the SMM Industry Database for more information.