SMM August 26 News:
Primary Aluminum Imports: According to data from the General Administration of Customs, in July 2025, China's primary aluminum imports were approximately 248,300 mt, up 29.1% MoM and 91.2% YoY. From January-July, the total cumulative imports of primary aluminum were about 1.4983 million mt, up 11.1% YoY.
Primary Aluminum Exports: According to data from the General Administration of Customs, in July 2025, China's primary aluminum exports were approximately 41,000 mt, up 108.9% MoM and 116.7% YoY; from January-July, the total cumulative exports of primary aluminum were about 127,700 mt, up 170.5% YoY.
Net Primary Aluminum Imports: In July 2025, China's net primary aluminum imports were 207,300 mt, up 20.0% MoM and 86.8% YoY. From January-July, the total cumulative net imports of primary aluminum were about 1.3706 million mt, up 5.3% YoY.
(The above import and export data are based on HS codes 76011090, 76011010)
From the perspective of import source countries, in July 2025, the main sources of China's primary aluminum imports were the Russian Federation, Indonesia, India, Australia, Malaysia, Oman, and other countries and regions. Among them, imports from Russia in July were about 190,800 mt, up 17.5% MoM, accounting for 76.8% of the July imports. Currently, overseas primary aluminum imports are in a loss-making state, with import losses fluctuating around 1,400 yuan/mt. Overseas demand is weak, and more overseas supplies are entering China. From the perspective of the China's spot market, August is in the transition period between the off-season and peak season. Some sectors have gradually shown signs of recovery. The SMM downstream leading enterprises' operating rate rebounded, but consumption remains in the off-season. Social inventory of aluminum ingots continues to build up, and aluminum prices remain relatively firm. Downstream procurement is mainly just-in-time, with weak restocking intentions. Primary aluminum imports are still mainly through long-term contracts.
From the perspective of trade modes: In terms of primary aluminum import trade modes in July, ordinary trade decreased by another 19% MoM, mainly due to the ongoing off-season domestically, with moderate absorption of imported primary aluminum. The total imports via Entrepot Trade by Customs Special Control Area and bonded supervision trial entry-exit goods increased by 49.4% MoM. For exports, 99.8% of the primary aluminum exports in July were through Entrepot Trade by Customs Special Control Area and bonded supervision trial entry-exit goods, indicating that the majority were re-exports.
SMM Brief Comment: LME outperforms SHFE in aluminum prices, with the China's import window closed and import losses fluctuating around 1400 yuan/mt. Coupled with weak demand during the traditional off-season domestically, there is a continuous inventory buildup of aluminum ingot, leading to moderate enthusiasm for import trade, mainly focusing on the execution of long-term contracts. It is expected that net imports of aluminum in August will remain at a low level.
![Warehouse withdrawals pull back, but destocking accelerates — Is China's aluminum ingot destocking logic changing? [SMM Analysis]](https://imgqn.smm.cn/usercenter/YYogD20251217171650.jpg)
