China’s primary aluminium imports surge 119% Y-o-Y in April 2024, mainly sourced from Russia

According to China customs data, the country’s domestic primary aluminium imports amounted to 218,500 tonnes in April 2024, down by 12.38 per cent M-o-M but up by 119 per cent Y-o-Y. Net imports were 206,300 tonnes – 115.2 per cent more than a year ago.

From January to April 2024, China imported 939,000 tonnes of primary aluminium, which was significantly 192 per cent higher than in the same period last year. Net import volume in the first four months of the year was 925,000 tonnes, up 199.5 per cent Y-o-Y.

Overall, in April 2024, import losses of SHFE aluminium spot persisted. Starting from mid-April, import loss expanded significantly, reaching RMB 3,122.2 per tonne. From April-end, the loss started narrowing but still remained above RMB 1,500 per tonne.

China’s primary aluminium exports in April were 12,200 tonnes, up 197.86 per cent Y-o-Y. The cumulative export volume from January to April was 14,400 tonnes, up 10.41 per cent over a year.

Sources of imports

China’s primary aluminium imports in April 2024 were mainly from Russia, India, China, Indonesia, and Malaysia. Among them, Russia was the most leading supplier that provided about 107,200 tonnes, accounting for 49.05 per cent of China’s total imports. China’s primary aluminium import volume from Russia grew 20.63 per cent Y-o-Y but decreased 7.31 per cent M-o-M due to closure of the import window.

From India, China imported about 25,100 tonnes of primary aluminium, which accounted for 11.49 per cent of the total imports. From Indonesia and Malaysia, China’s imports were 18,300 tonnes and 9,400 tonnes, respectively, accounting for 8.37 per cent and 4.30 per cent.

Export analysis

Due to the continued closure of the import window in April, some imported sources were re-exported, leading to a heavy surge in primary aluminium exports. South Korea, Taiwan, and Nigeria were the three main export destinations, accounting for 58.76 per cent, 38.47 per cent, and 24.6 per cent, respectively.  

SMM expects primary aluminium to remain a net import in 2024, with the average monthly net import volume remaining high. Russia will continue to be the main source on account of Western countries sanctions on Russia.