SMM predicts export orders to increase for China’s aluminium wire and cables in March’24; January’s export rebounded to a peak

According to China customs data, the total exports of aluminium wire and cables during January-February 2024 amounted to 37,500 tonnes at a value of $114.87 million. The export volume in January was 22,500 tonnes, up by 32.58 per cent month-on-month and 48.61 per cent year-on-year.

The export volume in January recovered and stood at its peak in the past three years, but it failed to break through a three-year high. Subsequently, the export volume decreased in February as downstream companies went on holiday for the Chinese New Year.

China’s aluminium wire and cables export in February was 15,000 tonnes, down by 33 per cent month-on-month. However, on an annual basis, the export volume in February stood 26.52 per cent higher.

The export value in January was $68.67 million, which recorded a 37 per cent month-on-month rise and a 45 per cent year-on-year hike. The same in February was $46.2 million – 33 per cent less month-on-month but 17 per cent more year-on-year.

Among the export provinces in China, Jiangsu, Henan, Beijing, and Zhejiang were the leading ones. Jiangsu accounted for 47.50 per cent of the total exports, supplying 17,860 tonnes. Among the export destinations, Ethiopia, Ghana, Uzbekistan and Saudi Arabia were the countries with total exports of more than 1,000 tonnes, accounting for 33.98 per cent of the total exports.

SMM projects China’s export orders for aluminium wire and cables will increase throughout 2024 in response to overseas national power grid construction. China has the most complete and competitive power equipment supply chain. Going by the historical trend, March to June is the peak season for exports, so SMM predicts that domestic aluminium wire and cable exports will rebound in March.