According to data from the General Administration of Customs, China’s primary aluminium imports in November 2025 were approximately 147,000 tonnes, down 40.8 per cent M-o-M and 2.5 per cent Y-o-Y. Primary aluminium exports were about 53,000 tonnes, up 116.2 per cent M-o-M and 182.6 per cent Y-o-Y, reaching a three-year high. Net imports of primary aluminium stood at 94,000 tonnes, down 58.1 per cent M-o-M and 28.9 per cent Y-o-Y, hitting a new low for the year.
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The decline in imports and rise in exports of primary aluminium in November were mainly attributed to the following factors, according to SMM analysis:
(1) The widening losses on imports in October and shrinking profit margins for manual processing trade had a delayed impact. As a result, primary aluminium imports under the Processing Trade with Supplied Materials fell 15.4 per cent M-o-M.
(2) Aluminium ingot premiums in Europe and the US remained high, attracting global aluminium flows to these regions. This led to a decrease in China’s primary aluminium imports. Meanwhile, supply tightened in Asia, pushing spot premiums higher, prompting some aluminium ingot cargoes in bonded zones to be re-exported to markets such as South Korea, India, and even Europe.
In the short term, China’s monthly net imports of primary aluminium are expected to remain relatively low compared to the January–October 2025 period.
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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