Overseas Demand Has Not Yet Recovered, Aluminium Plate/Sheet and Strip Exports Lack Support [SMM Analysis]

According to customs data, China's aluminium plate/sheet and strip exports in July 2024 were 300,800 mt, up 32% YoY, but down 8% MoM.

By export destination, the top 5 destinations for China's aluminium plate/sheet and strip exports in July were Mexico, Vietnam, South Korea, Canada, and Thailand, all of which are major export destinations for aluminium plate/sheet and strip. However, the US was not among the top 10 export destinations. In July, China exported approximately 181,100 mt of aluminium plate/sheet and strip to the top 10 export destinations, accounting for about 60.19% of the total export volume.

Although China's aluminium plate/sheet and strip exports have been at a relatively high level in recent months, an SMM survey found that some of the exports were due to companies shipping before impending overseas tax increases, rather than a sustained increase in overseas end-user demand. Coupled with an increasingly severe overseas trade environment and successive tax increase policies, there is a risk of a decline in future aluminium plate/sheet and strip export volumes.