China¡¯s primary aluminum imports rose 65.09% MoM in April

China imported 17,500 mt of primary aluminum in April, down from a year ago, but up 65.09% MoM, customs data showed.

The SHFE/LME aluminum price ratio climbed from 7.1 in early March to 7.5 in April, favoring aluminum imports. In addition, overseas aluminum premiums continued falling, with premiums in East Asia down from USD 400/mt at the end of last year to around USD 150/mt, another incentive for imports.

Overseas aluminum prices will be pressured by growing supply while aluminum prices in China will be relatively resistant to declines. As such, the SHFE/LME aluminum price ratio will increase further, which will boost imports.

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