China's aluminium plate, sheet and strip exports trended up in October 2024, both monthly and annually. According to China customs data, the export volume in the said month stood at 300,300 tonnes, reflecting a Y-o-Y hike of 34 per cent and a M-o-M rise of 4 per cent.
Image Source: Mingtai Aluminium
Of the total exports, 177,600 tonnes were destined for China's top ten export destinations, accounting for about 59.16 per cent of the total export volume. In descending orders, the top ten destinations included Mexico, Vietnam, Canada, South Korea, Thailand, the United States, Australia, Indonesia, Brazil, and Malaysia.
Mexico, the highest importer of China's aluminium plate, sheet and strip, secured 40,690 tonnes of product in October 2024 for US$3,308 per tonne. Vietnam, the second-highest importer, hauled 20,280 tonnes for US$3,150 per tonne. Canada and South Korea imported 20,400 tonnes of aluminium plate, sheet and strip at US$3,099 per tonne and US$3,527 per tonne, respectively.
Thailand and the United States imported 10,420 tonnes and 10,380 tonnes, respectively, followed by 10,130 tonnes and 10,010 tonnes of imports by Australia and Indonesia.
Following the Chinese government's announcement to cancel aluminium semis export tax rebates starting December 1, aluminium plate, sheet and strip manufacturing enterprises ramped up their shipments to avail of existing tax rebates. The overseas companies also regained their buying sentiment to avoid increased costs. All these factors are expected to result in increased export volume in November.
However, once the export tax rebate cancellation comes into effect, SMM fears some Chinese enterprises will lose overseas orders of aluminium plates, sheets and strips, which will mostly likely result in reduced export volume in December.
China's aluminium plate, sheet and strip exports increased in October in line with the rising production. SMM anticipates China's aluminium plate, sheet and strip production to amount to 13.1 million tonnes, marking an annual hike of about 6 per cent, while aluminium foil production to reach 4.8 million tonnes, recording an 8 per cent rise year-on-year.
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