From January to February 2024, the exports of unwrought aluminum and aluminum semis increased by 9.8% YoY [SMM Analysis]

According to the latest data from the General Administration of Customs, the exports of unwrought aluminum and aluminum semis in 2024 was 966,000 tons from January to February, up 9.8% YoY; the cumulative export value from January to February reached $3172.1 million, up 0.5% YoY. The year-on-year improvement in cumulative exports from January to February 2024 is mainly due to the fact that on the one hand, the country was in the outbreak period of the epidemic from January to February last year, which affected the order volume and operating rate, and the base was relatively small. This year, production returned to normal and export volume rebounded; On the other hand, affected by the domestic Spring Festival holiday, overseas stocked up in advance before CNY holiday, which led to a rebound in export volume. As downstream demand picks up, exports are expected to maintain a positive growth in March.