China’s August exports of unwrought aluminium and aluminium products hit four-month high
According to a Reuters report, China’s exports of unwrought aluminium and aluminium products stood at 395,424 tonnes in August, the highest in four months. The exports registered a decline of 11% from August 2019.
Unwrought aluminium and aluminium products export came in at 3.13 million tonnes in the first eight months of 2020. That was down 20% on the year. The decline was due to weak overseas because of the coronavirus pandemic.
China turned net aluminium importer in July for the first time since 2009. Rise in China’s aluminium imports in July 2020 versus decrease in exports is seen as an inversion in trade flows due to the disconnect between Chinese market, which is in full recovery mode from the COVID-19 pandemic, and the rest of the world that is still struggling to get back on its feet.
Open arbitrage window between the elevated SHFE aluminium prices and sagging LME prices could be a reason for the soar in China’s aluminium imports.
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