According to China customs data, the country's aluminium imports, including primary metal and unwrought, and alloyed aluminium, surged by 89.8 per cent year-on-year in March 2024, buoyed by demand growth.
China's increasing demand for aluminium is being fuelled by the growth of solar, electric vehicle (EV), and energy storage sectors. The remarkable 63 per cent growth in China's solar sector in 2023, reaching RMB 2.5 trillion, indicates the rapid expansion of the renewable energy industry. This growth trajectory persists into 2024, suggesting a sustained demand for aluminium, a crucial material in these sectors.
As per the data revealed by China customs, the country imported 380,000 tonnes of unwrought aluminium products, bringing the total imports in the first quarter of 2024 to 1.1 million tonnes, up 92.3 per cent from the same period of the previous year.
The manufacturing sectors’ expectations for higher demand for aluminium in line with revived industrial activity pushed China’s imports in recent times. The country’s manufacturing activity expanded for the first time in six months in March.
Meanwhile, China’s domestic aluminium production has been low in some regions like Yunnan due to the dry season, which made the manufacturing sector rely on imported metals.
In March, China’s cargoes shipped from Russia increased, accounting for over half of China’s total imports of primary aluminium. In the first two months of 2024, China’s aluminium imports from Russia totalled 277,120 tonnes, more than double the 105,300 tonnes during the same period of the last year.
The rising aluminium imports have also contributed to higher stocks in China. On Friday, April 19, China’s aluminium stocks jumped 139.8 per cent from the beginning of the year and near a one-year peak, reaching 231,765 tonnes.
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