China Exports Increased Further

(China Aluminum Network) Though aluminum price is decreasing, many manufacturers still reluctant to do cut down production, part because of government’s subsidy; at the same time, weak domestic demand also drives the export of aluminum. From January to July, China aluminum exports increased 28% yoy and set records. RMB depreciation in this week will also help aluminum market to receive more supply, since weal RMB will reduce domestic production cost. 

According to the data from customs, China has exported 2870 thousand tons of unwrought aluminum and aluminum products at the end of July, a record high figure. Harbor Intelligence’s general manager Jorge Vazquez said, RMB devaluation renewed China’s competitiveness of export.

Date from Harbor Intelligence shows; after RMB devalued 1.9% the cost of primary aluminum will reduce $12 per ton to $1,728.

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