China’s Jan-Feb aluminium imports grow 11.3% Y-o-Y, thanks to industrial recovery post COVID restriction ease

According to China customs data, China’s total aluminium imports in January and February grew by 11.3 per cent year-on-year, given the anticipated demand improvement once the country reopens.

Customs data showed China imported 374,321 tonnes of unwrought aluminium and products, including primary metal and unwrought, alloyed aluminium, in the first two months of 2023, compared to 336,007 tonnes during the same period last year.

In late 2022, China withdrew its strict COVID-19 restrictions, which led to economic recovery and improved demand for industrial metals. Consequently, manufacturing activity also ramped up at the highest rate in more than a decade in February 2023.

In the first two months of 2023, China’s domestic primary aluminium output recorded an increase of 7.5 per cent year-on-year to 6.74 million tonnes, the highest for the period since 2015, found the National Bureau of Statistics.

China customs data also found that the country’s bauxite imports grew by 12.8 per cent annually to 23.62 million tonnes during Jan-Feb 2023.

However, the high global prices in the first two months tempered the annual increase in aluminium imports. The benchmark aluminium price on the London Metal Exchange registered a monthly average of $2,644 per tonne in January 2023, the highest since May 2022 followed by a slide to an average of $2,373 per tonne in February.