Import & export: Muted demand for re-export trade, slight recovery in net imports of primary aluminium

Primary aluminium imports: According to data from the General Administration of Customs, domestic primary aluminium imports stood at approximately 186,000 tonnes in August 2026, up 0.2 per cent month-on-month and down 14.6 per cent year-on-year. Cumulative domestic primary aluminium imports from January to August 2026 reached roughly 1.657 million tonnes, a year-on-year decline of 3.4 per cent.

Primary aluminium exports: Customs data showed domestic primary aluminium exports were around 22,000 tonnes in August 2026, dropping 30.7 per cent month-on-month and 14.7 per cent year-on-year. Cumulative primary aluminium exports between January and August 2026 totalled approximately 168,000 tonnes, representing a year-on-year increase of about 9.3 per cent.

Net imports of primary aluminium: Domestic net imports of primary aluminium were 164,000 tonnes in August 2026, rising 6.5 per cent month-on-month and falling 14.6 per cent year-on-year. Cumulative domestic net imports of primary aluminium from January to August 2026 came to roughly 1.49 million tonnes, down 4.7 per cent year-on-year.

(The above import and export statistics are based on HS codes 76011090 and 76011010.)

On the import side, aluminium ingots from Russia accounted for 96 per cent of total imports. The general trade import window remains closed, processing trade orders under customs manuals is mediocre, and the share of aluminium ingots imported from other countries continues to decline.

On the export side, the overseas electrolytic aluminium market features a supply gap. Some bonded-zone aluminium ingots are re-exported to Japan, South Korea and India.

Although the overseas electrolytic aluminium market sees a supply gap and continuous inventory drawdowns, high aluminium prices curb demand. Meanwhile, exports of domestic aluminium semi-finished products, aluminium manufactures and end products partially offset overseas demand. Spot trading of overseas electrolytic aluminium is sluggish; spot premiums for electrolytic aluminium across Asia have trended downwards. Re-export trade activity remains weak, and the volume of domestic primary aluminium exports has contracted.

In the short term, re-export trade stays tepid, and export volumes are expected to remain low. Overseas electrolytic aluminium spot trading is muted. Import volumes of Russian aluminium ingots are set to recover. Nevertheless, considering factors such as cargo in transit, domestic net imports of primary aluminium are projected to stay low in the near term, yet the trend points to a gradual recovery in domestic net imports of primary aluminium.

Note: This article has been issued by SMM and has been published by AL Circle with its original information without any modifications or edits to the core subject/data.