Lower aluminium prices on the London Metal Exchange than on the Shanghai Futures Exchange could also be linked to China’s higher imports as the wide price gap led domestic downstream manufacturers to source raw materials from abroad, whilst overseas manufacturers refrained from sourcing Chinese metal.
According to the General Administration of Customs, China’s primary aluminium imports in August 2024 amounted to 163,000 tonnes, reflecting a 26 per cent M-o-M hike from 129,000 tonnes and a Y-o-Y increase of 6.5 per cent. Registering the highest monthly imports in August 2024, China’s total imports from January to August stood at 1.512 million tonnes, which marked a remarkable annual growth of 100.2 per cent.
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Fundamental weakness makes it difficult to sustain upward momentum in aluminium prices; short-term price correction observed
