China’s unwrought aluminium and products imports surge 86.6% Y-o-Y from Jan-Apr 2024, resulting in 127.7% domestic stock hike

According to China customs data, China’s unwrought aluminium and products imports (including primary metal and unwrought, alloyed aluminium) in April 2024 surged by 72.1 per cent year-on-year to reach 380,000 tonnes. 

China’s total imports of unwrought aluminium and products amounted to 1.49 million tonnes during the first four months of 2024, up by 86.6 per cent from the same period last year.

China’s aluminium imports increased significantly over a year due to demand growth and robust consumption of the green metal. Besides solar and wind power sectors, construction, transportation, and packaging also contributed immensely to the rise in demand.

Russia was the leading exporting country to China, supplying 392,775 tonnes in the first quarter of 2024. That was year-on-year higher by 127.7 per cent than 172,526 tonnes. Inflows of Russian aluminium into China are expected to grow further as Western countries have declared sanctions on Russian aluminium over the Russia-Ukraine geopolitical issue. 

As a result of surging imports, China’s domestic aluminium stocks are also on a rising spree, standing at 231,765 tonnes as of Friday, May 17, which compared to the last year was 139.8 per cent higher and near a one-year peak.

China customs data also showed that China’s bauxite imports in April climbed up 18.8 per cent to 14.24 million tonnes. In the first four months, the imports totalled 50.5 million tonnes, up 6.2 per cent from the year earlier.