Robust Consumption and Growing Demand from Solar and Wind Power Sectors Drive Significant Increase in Aluminium Imports
China’s imports of unwrought aluminium and related products surged by 72.1% year-on-year in April, reaching 380,000 metric tons, as reported by customs data on Saturday. This substantial increase includes primary metal and unwrought, alloyed aluminium.
The data, released by the General Administration of Customs, also revealed a notable uptick in imports during the first four months of the year, totaling 1.49 million tons, marking an 86.6% increase compared to the same period in the previous year.
China, being the world’s largest consumer of aluminium, experienced robust consumption levels in April, surpassing expectations for factory output. The metal, widely utilized in construction, transportation, and packaging, witnessed a surge in demand from China’s burgeoning solar and wind power sectors.
The significant rise in imports this year has primarily been attributed to increased flows from Russia, with March data indicating a substantial increase in imports from the country. The surge in Russian imports is expected to continue following recent sanctions imposed by the U.S. and Britain over Russia’s invasion of Ukraine.
Consequently, the influx of Russian aluminium has led to an increase in metal stocks in China, with aluminium stocks on the Shanghai Futures Exchange reaching 231,765 tons, up by 139.8% since the beginning of the year and nearing a one-year peak.
Furthermore, the customs data also revealed a rise in imports of bauxite, a crucial raw material for aluminium production. Bauxite imports climbed by 18.8% to 14.24 million tons in April, with the total imports for the first four months standing at 50.5 million tons, a 6.2% increase from the previous year.
The surge in aluminium and bauxite imports underscores China’s growing role in the global aluminium market and highlights the country’s continued influence on commodity prices and trade dynamics.
