China alumina imports down 33.6% MoM in November

China imported 386,000 mt of alumina in November, down 33.6% MoM, customs data showed.

Three factors led to the decline. First, imported alumina enjoyed no price advantage over domestic alumina. FOB price of Australian alumina was USD 203/mt in late December, which is equivalent to over RMB 1,700/mt (including VAT, sea freight and port charges). The price was higher than domestic alumina prices.

Second, yuan’s depreciation weakened Chinese buyers’ purchasing power. Yuan weakened to 6.45 against the US dollar in November.

Third, imported alumina stocks were piling up at Chinese ports after aggressive imports in October. As of mid-December, alumina stocks across the Port of Lianyungang, the Port of Rizhao, the Port of Qingdao and Bayuquan hit as high as 1.47 million mt.

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