H1 Alumina Net Imports 668,000 mt, Imports from Australia Accounted for Over 70% [SMM Analysis]

SMM, July 31:

Import and export side, According to data from China's General Administration of Customs, from January to June 2026, China's cumulative alumina imports were 2.277 million mt, up 749.1% YoY; cumulative exports were 1.609 million mt, up 19.8% YoY; and cumulative net imports were 668,000 mt, with the net import pattern continuing to expand.

On the import source side, Australia remained the top supplier, with cumulative imports of 1.643 million mt in H1, accounting for 72.14% of total imports, compared to just 495,000 mt imported from Australia in full-year 2025. Imports from Indonesia were 398,000 mt, representing 17.5%, also exceeding the total import volume of 310,000 mt for all of last year. Overall import volumes continued to climb. In terms of port inventory, as of July 30, alumina inventory at major Chinese ports stood at about 940,000 mt, and the impact of overseas alumina on the Chinese market persisted. As of now, at least six vessels of imported alumina are known to have arrived in August, with import volumes of about 210,000 mt, and additional cargoes are expected to arrive gradually.

On the export side, from January to June, China's alumina exports to Russia were 1.022 million mt, accounting for 63.5% of total exports, with Russia remaining China's top export destination for alumina. Meanwhile, exports to Oman, the UAE, and Saudi Arabia were 294,000 mt, 159,000 mt, and 34,000 mt respectively, totaling 30.3% of exports. The geopolitical conflict in the Middle East remains unsettled; although some capacity has resumed production, key strait passages are blocked, forcing cargoes to be transported overland. This has caused some overseas alumina to be shipped to China for repackaging into bags before being sent to the Middle East, so exports to these three countries have not yet declined.

Overall, although overseas alumina prices have risen recently, China's import and export volumes are expected to remain high, and the net import pattern is likely to continue in July.

Overseas market side, In July, the overseas alumina fundamentals maintained a surplus. As of July 31, the lowest spot transaction price was $325/mt (FOB Western Australia), equivalent to an EXW selling price of about yuan 2,868.8/mt at major Chinese ports.

(The above information is based on market collection and comprehensive assessment by the SMM research team, and the information provided is for reference only. This article does not constitute direct investment research advice. Clients should make prudent decisions and not rely solely on this information as a substitute for their own independent judgment. Any decisions made by clients are not related to SMM.)

Data source: SMM