11 APRIL 2014AlCircle.com
China aluminum exports reach highest on overseas premium since 2011
Edited by : AL CIRCLE
2 min read
China Aluminum exports reached the highest level since the last 2 years in the last month as traders got very high returns amidst a record premium while shipping the metal overseas.
Unwrought aluminum exports and aluminum products were 370,000 mt tons in the month of March, according to customs data. This data was the highest recorded since 390,000 tons in 2011 July and more than almost the double what was in February.
Premiums added to LME aluminum price to secure their delivery reached a record price in U.S and Europe in the first 2 months of this year, and they are always highly priced in Japan, as per the report of Harbor Intelligence, a researcher in Austin.
“Exports rose as traders pursued profits from arbitrage with higher overseas premiums,” said Wang Chunhui, an analyst in Shanghai at SMM Information & Technology Co.
The delivery contract in the three months on LME rose by 0.9% to approx. $1,873.75 a ton in Shanghai and witnessed a rise of 4.1% this year. On Shanghai Futures Exchange aluminum gained 0.8% close at 13,160 yuan a ton. In China, 15% export tax is imposed on primary aluminum and also offers a tax rebate on the export of a few aluminum products.
Unwrought aluminum exports and aluminum products were 370,000 mt tons in the month of March, according to customs data. This data was the highest recorded since 390,000 tons in 2011 July and more than almost the double what was in February.
Premiums added to LME aluminum price to secure their delivery reached a record price in U.S and Europe in the first 2 months of this year, and they are always highly priced in Japan, as per the report of Harbor Intelligence, a researcher in Austin.
“Exports rose as traders pursued profits from arbitrage with higher overseas premiums,” said Wang Chunhui, an analyst in Shanghai at SMM Information & Technology Co.
The delivery contract in the three months on LME rose by 0.9% to approx. $1,873.75 a ton in Shanghai and witnessed a rise of 4.1% this year. On Shanghai Futures Exchange aluminum gained 0.8% close at 13,160 yuan a ton. In China, 15% export tax is imposed on primary aluminum and also offers a tax rebate on the export of a few aluminum products.
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