China's Aluminum Imports Down Due To High Domestic Supply
China's aluminum imports in November fell 35.7% from a year earlier as a result of mounting domestic supply, also as the COVID-hit economy continued to temper demand for the light metal.
Photo Insert: The country brought in 255,744 tons, including primary metal and unwrought, alloyed aluminum, last month.
The country brought in 255,744 tons, including primary metal and unwrought, alloyed aluminum, last month, according to data from the General Administration of Customs (GAC), Siyi Liu and Dominique Patton reported for Reuters.
With easing power restrictions on industrial users this year, smelters in China ramped up their production. The latest November output number showed a ninth consecutive increase to 3.41 million tons.
For the first 11 months of the year, the world's top aluminum maker produced 36.77 million tons, up 3.9% from the corresponding period in 2021. Also weighing on import appetite was weak demand for the metal used in the transportation, construction, and packaging sectors.
China's economy lost more momentum in November as factory output slowed and retail sales extended declines, both missing forecasts.
However, signs of easing COVID restrictions and Beijing's efforts to revive the troubled property sector have brightened the demand outlook for industrial metals, as reflected in a price rise last month.
The most-traded aluminum on the Shanghai Futures Exchange averaged at 18,845 yuan ($2,703.42) a ton in November, up from 17,755 yuan a ton in October when it hit a 19-month low.
November's import volume recorded an increase of 30.2% from 196,460 tons in the prior month. Total imports in the first 11 months were 2.13 million tons, down 28.2% from the corresponding period last year.
Imports of bauxite, the main source of aluminum ore, came in at 11.79 million tons last month. That was up 31.3% from October's 8.98 million tones and up 53.6% from 7.7 million in November last year.