China exports more aluminum than consumed for first time since 2008

According to data from the Beijing based Customs General Administration, China in April exported more of the metal than it imported for the first time since the end of 2008 as supply outpaced demand. Outbound shipments rose to 48,546 tonnes exceeding imports of 28,987 tonnes.

Mr Neil Buxton MD at London based researcher GFMS Metals Consulting said that foreign shipments totaled 2,212 tonnes in March and 118 tonnes in April 2009. China's aluminum production capacity will expand 20% this year. Stockpiles monitored by the Shanghai Futures Exchange have climbed almost 65% this year to a record 489,495 tonnes.

Mr Buxton said that Chinese exports of the metal will probably remain elevated even after some output cuts linked to higher local power prices. Rising physical premiums in Europe, Japan and the US gave Chinese exporters an incentive to sell more metal overseas.

(Sourced from China Post)

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