China’s unwrought aluminium alloy imports in Oct’23 grow 17.5% M-o-M buoyed by outstanding orders

According to the China customs data, China’s unwrought aluminium alloy imports in October 2023 were recorded at 108,900 tonnes, up 17.5 per cent M-o-M and 9.2 per cent Y-o-Y. From January to October 2023, total imports stood at 907,800 tonnes, reflecting a 15.9 per cent fall Y-o-Y.

China’s export volume of unwrought aluminium alloy was 15,400 tonnes in October 2023, registering a year-on-year decline of 15.6 per cent and M-o-M fall of 45.1 per cent.

The increase in China’s unwrought aluminium alloy imports in October was primarily due to the outstanding orders from August and September. Domestic aluminium prices kept increasing in September, reaching above RMB 19,000 per tonne, while overseas quotations remained stable at $2,240-2,270 per tonne, encouraging imports in the said month.

Meanwhile, there were rising overseas raw material prices and falling RMB exchange rates. Offers from Malaysia, South Korea, and other regions increased to $2,300 per tonne. Furthermore, the import window closed, which might affect China’s imports.

At present, due to booming automobile consumption in Japan and Malaysia, aluminium alloy ingot exports are estimated to grow there and decrease in China.