Open arbitrage window and risen domestic demand propel China’s primary aluminium imports to a monthly high
China’s primary aluminium imports recorded month-on-month and year-on-year increases in August 2024, while exports showed a downtrend, suggesting an impressive domestic demand for the primary metal over the rest of the world. China’s domestic aluminium processing enterprises have received new orders that require primary aluminium for production prior to the implementation of tariffs by many countries on Chinese aluminium.
Lower aluminium prices on the London Metal Exchange than on the Shanghai Futures Exchange could also be linked to China’s higher imports as the wide price gap led domestic downstream manufacturers to source raw materials from abroad, whilst overseas manufacturers refrained from sourcing Chinese metal.
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