China's Aluminium Imports Rise In Anticipation Of Post-COVID Demand
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The rise in domestic primary aluminium production is consistent with the idea that Chinese buyers are expecting the metal’s demand to grow in the upcoming months based on the rise in imports of the metal. After COVID-19 restrictions loosened at the end of 2022, there has been a significant increase in industrial metal consumption, which is reflected in the rise in aluminium imports.
Rising Demand And Exports
Industrial Metals Rising Demand – The manufacturing sector is a significant consumer of aluminium, it experienced the fastest growth rate in over a decade in February 2023, raising hopes for a pickup in demand. January 2023-February 2023 also witnessed a 7.5% rise in domestic primary aluminium output to 6.74 million tons, the highest for the same period since at least 2015.
Increased Imports – According to official data published by the General Administration of Customs, China’s aluminium imports rose by 11.3% in January 2023- February 2023 as compared to January 2022- February 2022.
Bauxite, a vital raw material used in the production of aluminium, was imported more frequently because of the higher primary aluminium production. According to customs statistics, bauxite imports rose 12.8% from 2022 to 23.62 million tons in January 2023-February 2023.
Insight
Despite a rise in imports of aluminium, imports became less desirable from January 2023 to February 2023 due to high global prices. In January 2023, the standard aluminium contract on the London Metal Exchange averaged $2,644/ ton, which was the highest since May 2022. In February 2023, the price fell to an average of $2,373/ton.
Short-term difficulties for importers may arise due to price changes in the world market for aluminium. As China continues to recover from the COVID-19 pandemic and resume pre-pandemic levels of economic activity, the prognosis for the country’s aluminium industry is generally positive.
Read More – Aluminium Prices And Production Changed Amid Cautious Macro Sentiment
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