China¡¯s primary aluminum imports rose 26.66% MoM in February

China imported 6,607 mt of primary aluminum in February, plummeting 88.44% YoY, but up 26.66% MoM, customs data showed.

The SHFE/LME aluminum price ratio rose to 7.4 from 6.7 in late 2014 as stockpiling by Chalco and other smelters allowed SHFE aluminum to stay firm. Besides, flooding of Chinese aluminum semis and Russian aluminum ingot, and expansions in Indian aluminum market, pushed down overseas aluminum premiums. Both factors offered incentive to increase primary aluminum imports.

As long as the SHFE/LME aluminum price ratio stays high, China’s primary aluminum imports under processing trade will continue to grow.

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