China's imports of aluminium scrap during January-July totalled 1.17 million tonnes, higher by a significant 8.4 per cent compared with the same period last year, according to the latest data released by the country's General Administration of Customs (GACC).
The persistently tight availability of aluminium scrap in China, plus expanding demand for scrap among domestic secondary aluminium manufacturers, were both behind the import rush so far this year, Mysteel Global noted.
In July alone, China's aluminium scrap imports ended a two-month drop and rebounded by 3.1 per cent from June to reach 160,495 tonnes, the GACC data showed. The volume had also jumped 18.7 per cent from the same month last year.
Although the country's aluminium industry last month was still in the usual seasonal lull in summer, production of secondary aluminium alloys grew steadily amid resilient demand from end-users, Mysteel's survey showed, leading to the increase in aluminium scrap consumption.
During July, the total output of secondary aluminium alloy ingots among the 158 smelters under Mysteel's tracking had increased for the third straight month by another 1.3 per cent from June to reach 527,600 tonnes.
Also read: India: Imported aluminium scrap prices decline w-o-w despite gains in LME tags
Last month, Thailand remained the top aluminium scrap supplier to China, with its volume rising 10.1 per cent from the previous month to reach 36,406 tonnes, accounting for 22.7 per cent of China's total ali scrap imports last month, the Customs data showed. Compared with the same month last year, the volume had also increased by a significant 22.2 per cent.
Meanwhile, China's imports from Japan in July also jumped 16.3 per cent on month and swelled by a huge 107 per cent on year to reach 21,209 tonnes, according to the GACC. This month, China's aluminium scrap imports may continue to increase, supported by further growth in demand from domestic secondary aluminium producers, Mysteel's survey showed.
The firm demand has provided upward momentum for prices of imported scrap materials, Mysteel Global noted. On August 26, the average price for imported 6063 high-grade aluminium scrap in South China's Guangdong province was assessed by Mysteel at RMB 17,050 per tonne (USD 2,383 per tonne), higher by RMB 200 per tonne from the end of July.
To get in-depth insights into aluminium scrap market, read our report: World Recycled ALuminium Market Analysis Industry forecast to 2032
Note: This news is published under the content exchange agreement with Mysteel.
Responses
