China’s aluminium semis exports during Jan-Nov 2023 fall 16%; likely to recover in 2024 with tariff withdrawal

According to the Shanghai Metals Market survey, China's aluminium semis exports in November 2023 hit 452,000 tonnes, reflecting a month-on-month rise of 6.5 per cent and a year-on-year increase of 4.03 per cent.

However, the country's total exports of aluminium semis from January to November witnessed a downfall of 16 per cent year-on-year to amount to 4.831 million tonnes, showed SMM.

Exports of aluminium bars, rods, and profiles grew both monthly and annually in November 2023, while aluminium plates, sheets, and strips exports rebounded due to seasonal restocking.

China's unwrought aluminium alloy exports in November 2023 were 15,700 tonnes, up by 1.7 per cent month-on-month but down by 17 per cent year-on-year. Total exports in eleven months amounted to 221,800 tonnes, 8.3 per cent more year-on-year.

In December 2023, higher global aluminium prices (ex-China) increased the profitability of China's aluminium semis exports. But until now, Red Sea shipping issues have caused some disruptions to exports.

SMM predicts China's aluminium semis exports will total 5.28 million tonnes by the end of 2023.

For 2024, China is adjusting some export tariffs to enable the aluminium producers to export more products. On December 20, China's State Council's Customs Tariff Commission announced the 2024 tariff plan, a slash from 30 per cent to 0 per cent for aluminium products with over 99.95% purity under HS code 76011010.

Exports of this aluminium category were around 9,076 tonnes in 2022 but fell 94 per cent Y-o-Y during the January-November 2023 due to the 30 per cent tariff.