According to GACC, China's alumina imports achieved 141,614 tonnes in April, much higher than 70,009 tonnes in previous month and 68,139 tonnes in the same period of last year. Total alumina imports from the top source Australia were up 100% on month to 63,000 tonnes in April, and imports from Indonesia were down 0.79% to 31,789 tonnes from the previous month.
Mysteel believes that the increase in alumina import was not due to strong demand from China and the import arbitrage, as Chinese alumina market was still in surplus and domestic prices were weaker than that in overseas market. Re-export may be one of the reasons behind the increase.
China's alumina export reached 73,474 tonnes in April, up 36.6% on month but down 56.4% on year. Total alumina exports to Russia reached 66,744.6 tonnes in April, increasing 40.1% on month but decreased 46.1% on year.
China's total alumina import for the first four months was down 11% to 601,811 tonnes on the back of rising supply in China and weaker prices compared with overseas market,and total alumina export surged 100% on year to 378,394 tonnes mainly due to strong and continuous demand from Russia.
China's alumina market saw a net import of 68,500 tonnes in April, much higher than 16,500 tonnes in March, which enlarged the surplus theoretically. According to market sources, some tonnages of alumina were at a port waiting to be exported to Southeast Asia, which is good news for the oversupplied domestic market.
China Alumina Import & Export (unit: tonne)
Source: GACC
