China hits highest number for importing primary aluminum in over a decade
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Update time : 2020-10-29 22:53:41
According to Chinese authorities, China’s August total import of primary aluminum hit the highest number in over a decade and second-highest as per the record, due to a hike in Shanghai's prices and a drop in London's prices, which reverted China from a typical exporter to an importer as it simply can’t resist the attraction from the appealing pricing offered by non-domestic producers.
With Chinese rapid recovery from the COVID-19 pandemic, the Chinese economy has spiked domestic demand for several weeks till now.
The import situation reverted in September and made China an exporter again resulted in a 17.1% drop in imports in September. It was predicted that the import volumes of primary aluminum for China will drop further more from November.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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