China’s Aluminium Imports Surge in May Amid Rising Shipments from Russia
China's aluminium imports surged by 61.1% in May compared to the previous year, reaching 310,000 metric tons, according to customs data released on Tuesday. This substantial increase is attributed to a rise in shipments from Russia, which has been affected by Western sanctions.
As the world's largest consumer of aluminium, China saw a significant rise in the import of unwrought aluminium and products, which includes both primary metal and alloyed aluminium. Russia, a major producer of aluminium, nickel, and copper, has boosted its exports to China following the ban on the delivery of Russian metals by U.S. and British exchanges in April due to sanctions.
In the first four months of this year, China imported 500,741 tons of primary aluminium from Russia, marking a 91.6% increase from the 261,379 tons imported during the same period last year. Detailed data on May imports by country of origin is expected to be released on Thursday.
Traders have noted that imports from countries other than Russia have been limited this year due to higher global prices compared to those in China. The aluminium market has seen a significant rally this year, driven by optimism about demand from the solar and electric vehicle industries and a speculative frenzy. The benchmark aluminium contract on the London Metal Exchange hit a near two-year high late last month.
From January to May, China imported 1.8 million tons of unwrought aluminium and products, an increase of 81.7% compared to the same period last year.
Additionally, China's imports of bauxite, a key raw material for aluminium, rose by 4.7% to 13.55 million tons in May. For the first five months of the year, bauxite imports totaled 64.04 million tons, up 5.8% from the previous year.
