China¡¯s primary aluminum imports rise 7.41% in October 2014

China imported 5,756 mt of primary aluminum in October, plunging 88.44% YoY, but up 7.41% MoM. YTD imports through October totaled 260,900 mt, up 1.46% from a year ago, customs data showed.

Chinese processors and traders usually avoid importing in bulk due to the 17% VAT imposed on imported primary aluminum, except when the SHFE/LME aluminum price ratio proves favorable.

Aside from re-exports, most of China’s imported aluminum flows through the tolling trade, but the rise in aluminum premiums overseas has left this less attractive than exporting aluminum semis produced from Chinese aluminum. This has left only those processors that need to maintain customer relationships importing aluminum for tolling trade.

As such, China’s aluminum imports will remain low.

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