Primary aluminium imports up 14.8% Y-o-Y; ordinary trade share below 5%

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According to data from the General Administration of Customs, domestic primary aluminium imports in March 2026 were approximately 255,000 tonnes, up 26.5 per cent M-o-M and up 14.8 per cent y-o-y. From January to March 2026, domestic cumulative primary aluminium imports totalled approximately 646,000 tonnes, up 10.6per cent y-o-y.

Domestic primary aluminium exports in March were approximately 15,000 tonnes, up 45.9per cent M-o-M and up 65.4per cent y-o-y. Cumulative primary aluminium exports from January to March totalled approximately 38,000 tonnes, up around 82.3per cent y-o-y. Domestic net primary aluminium imports in March were 240,000 tonnes, up 25.4per cent M-o-M and up 12.7 per cent y-o-y. Cumulative net primary aluminium imports from January to March were approximately 608,000 tonnes, up 7.9per cent y-o-y. (The above import and export data are based on HS codes 76011090 and 76011010.)

Primary aluminium imports by country: In March, 82.3 per cent of total imports came from the Russian Federation, 5.8per cent from India, 4.7per cent from Indonesia, and 4.5 per cent from Australia.

Primary aluminium imports by trade mode: From January to March, the share of primary aluminium imports under Ordinary Trade was 4.0per cent, 1.3 per cent, and 1.7 per cent respectively, down 23.6, 27.2, and 21.3 percentage points y-o-y respectively. LME aluminium outperformed SHFE aluminium in price trends, and the SHFE/LME price ratio declined. Imports under Ordinary Trade decreased, and it cannot be ruled out that a large volume of bonded zone cargoes will be re-exported to other countries outside China going forward.

According to SMM, long-term contract imports and some previously signed import orders in March were executed as scheduled. Combined with the arrival of in-transit cargoes, primary aluminium imports stayed high. However, from the current fundamentals perspective, there was a significant primary aluminium deficit outside China, the inflexion point for domestic aluminium inventory had not yet arrived, and the loss on primary aluminium imports expanded to a maximum of RMB 852.47 per tonne in April. Some imported primary aluminium cargoes are expected to be redirected or re-exported to Japan, South Korea, Thailand, India, and even Europe, the US, and other countries and regions.

Overall, domestic net primary aluminium imports in 2026 are expected to decline year-over-year. 

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.