China Releases Statistics for Aluminum Imports and Exports in October

Shanghai. November 23. INTERFAX-CHINA - China's primary aluminum imports fell 66.4 percent year-on-year to 87,434 tons in the first 10 months of the year, while primary aluminum exports dropped 80 percent on an annual basis to 143,806 tons  over the same period, according to statistics released by the General Administration of Customs yesterday. China's aluminum product exports reached 1.55 million tons in the first 10 months, expanding 58.7 percent from the same period last year. The Chinese government intends to release further restrictive policies to control  aluminum product exports, as the current value-added tax (VAT) export rebate policies for semi-finished aluminum products have led to significant  growth  in  exports of aluminum plate and aluminum foil.

However, domestic aluminum product fabricators have expressed their concern over the release of further restrictive policies, which will reduce the profitability of exporting aluminum products. Current aluminum futures prices on the Shanghai Futures Exchange (SHFE) have fallen below the London Metal Exchange's  (LME) three-month benchmark price, which has become the main driving force behind China's increasing aluminum product exports. However, the government's tough stance on aluminum product exports may worsen oversupply in the domestic market and result in greater price gaps between domestic and international markets. China canceled VAT rebates for the export of semi-finished aluminum products in  eight tax codes, including aluminum bar, wire and profile, on July 1 this year, and  levied a 15 percent export tax on those products on Sept. 1. However, aluminum foil and aluminum tube exports still retain a 13 percent VAT rebate, and there is also an 11 percent VAT rebate on aluminum strip and plate exports.

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