Shanghai Metals Market
China Imports 320,000 Mt of Alumina in August
Edited by : AL CIRCLE
1 min read
According to China Customs, China imported 320,000 mt of alumina in August, up 811% YoY, but down 30% from July’s 460,000 mt. YTD imports from January through August were 3.24 million mt, up 192% YoY.
SMM attributes monthly decline of alumina imports to falling domestic alumina prices and the fact that imported alumina enjoyed no price advantage. Without price advantage, domestic aluminum smelters with long-term contracts mostly sold alumina overseas.
Price advantage of imported alumina, especially that of Australian alumina, can best explain why alumina imports grew significantly in China in the first eight months of this year.
Entering 2012, prices of Australian alumina dropped along with LME aluminum prices. Besides, some overseas aluminum smelters shut down capacity to reduce inventories, thus weakening global demand for alumina. In this context, domestic alumina producers who have signed long-term contracts chose to import alumina.
According to SMM statistics, over 14 large domestic aluminum smelters imported alumina from Australia in the first seven months of this year. One Qinghai-based large aluminum smelter imported alumina from Australia at USD 352/mt in July 2012, down from USD 396/mt in August 2011.
SMM attributes monthly decline of alumina imports to falling domestic alumina prices and the fact that imported alumina enjoyed no price advantage. Without price advantage, domestic aluminum smelters with long-term contracts mostly sold alumina overseas.
Price advantage of imported alumina, especially that of Australian alumina, can best explain why alumina imports grew significantly in China in the first eight months of this year.
Entering 2012, prices of Australian alumina dropped along with LME aluminum prices. Besides, some overseas aluminum smelters shut down capacity to reduce inventories, thus weakening global demand for alumina. In this context, domestic alumina producers who have signed long-term contracts chose to import alumina.
According to SMM statistics, over 14 large domestic aluminum smelters imported alumina from Australia in the first seven months of this year. One Qinghai-based large aluminum smelter imported alumina from Australia at USD 352/mt in July 2012, down from USD 396/mt in August 2011.
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