Primary Aluminium Imports: According to data from the General Administration of Customs, domestic primary aluminium imports in June 2025 were approximately 192,400 tonnes, down 13.8 per cent M-o-M and up 58.7 per cent Y-o-Y. From January to June, the cumulative total of domestic primary aluminium imports was about 1.2499 million tonnes, up 2.5 per cent YoY.
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Primary Aluminium Exports: According to data from the General Administration of Customs, domestic primary aluminium exports in June 2025 were approximately 19,600 tonnes, down 39.5 per cent MoM and up 179.4 per cent YoY. From January to June, the cumulative total of domestic primary aluminium exports was about 86,600 tonnes, up approximately 206.6 per cent YoY.
Net Primary Aluminium Imports: In June 2025, domestic net primary aluminium imports were 172,700 tonnes, down 9.4 per cent M-o-M and up 51.3 per cent Y-o-Y. From January to June, the cumulative total of domestic net primary aluminium imports was about 1.1633 million tonnes, down 2.3 per cent Y-o-Y.
From the perspective of import source countries, the main sources of domestic primary aluminium imports in June 2025 were the Russian Federation, Indonesia, India, Australia, Malaysia, Iran, and other countries and regions. Among them, primary aluminium imports from Russia in June were approximately 162,400 tonnes, down significantly by 22.01 per cent M-o-M, accounting for 84.44 per cent of May's imports. Currently, overseas primary aluminium imports are in a loss-making state, with import losses oscillating around RMB 1,400 per tonne.
Weak overseas demand has stimulated overseas supplies to enter China. However, from the perspective of the spot market, domestic demand has entered the off-season, and aluminium prices remain high, with downstream purchase intentions being poor. Some imported supplies are trading at significant discounts in the spot market but with few transactions. Currently, net primary aluminium imports are mainly for the execution of long-term contracts.
From the perspective of trade modes: Looking at the trade modes of primary aluminium imports in June, the Ordinary Trade mode saw a significant MoM decline, exceeding 60 per cent, mainly due to the strong off-season atmosphere domestically and the difficulty in absorbing imported supplies. In addition, it is worth noting that the Processing with Imported Materials trade mode showed a remarkable M-o-M growth, with Processing with Imported Materials increasing by 293.49 per cent M-o-M and Processing with Imported Materials increasing by 358.03 per cent M-o-M.
Currently, the total aluminium ingots imported through Processing with Imported Materials and Processing with Imported Materials modes in the first half of 2025 was 45,900 tonnes. With the increasing enthusiasm of domestic processing enterprises to apply for manual processing and considerations such as business profits, it is expected that the volume of manual processing trade modes will show a growth trend in the future.
SMM Commentary: Currently, aluminium prices still maintain the trend of overseas market outperforming domestic market. The domestic import window is closed, with import losses oscillating around RMB 1,400 per tonne. Coupled with the current weak domestic demand, it is difficult for imported supplies to be traded in the spot market. The enthusiasm for overseas shipments to China has weakened. It is expected that net primary aluminium imports will remain at a low level in July.
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.
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