China's aluminium imports fall 13% in February

China’s imports of unwrought aluminium and semi-finished imports fell by 13% month-on-month in February on ample domestic supply and a negative arbitrage.

Imports totalled 95,000 tonnes for the month, double the amount unloaded at Chinese ports in February 2012, according to local media.

"Import arbitrage has been negative since February, and financing appetite was likely affected as well. Imports are likely to remain muted if the arbitrage stays closed and the domestic market is flush with aluminium supply," Barclays analysts said in their latest note.

Meanwhile, the country exported a total of 163,000 tonnes of unwrought aluminium and aluminium products, compared with just 19,302 tonnes a year earlier. However, volumes were almost half the 317,000 tonnes shipped in January.

"Recent local aluminium prices are much lower than international prices, which has boosted exports of aluminium products," Wang Rong, an analyst at Guotai Junan Futures in Shanghai, said.

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