BEIJING:According to official data released on Saturday, buyers anticipated an increase in demand for the metal following China’s reopening, there were an increase of 11.3 percent imports of aluminum in china from Jan-Feb of 2023, as compared to 2022 .
The General Administration of Customs reports that the combined arrivals of unwrought aluminum, primary metal, and unwrought, alloyed aluminum totaled 374,321 tonnes in January and February.
This is in contrast to the 336,007 tonnes that were produced during the same time period last year.
At the end of last year, China eased its COVID-19 restrictions, boosting hopes of an economic recovery and increased demand for industrial metals.
In February, the world’s second-largest economy’s manufacturing sector expanded at its fastest rate in more than a decade.
The first two months also saw domestic primary aluminum production rise 7.5% year-over-year to 6.74 million tonnes, the highest level since at least 2015, according to data from the National Bureau of Statistics (NBS) earlier this week. LME aluminum may retest support at $2,286 this week.
Customs reported that imports of bauxite, a crucial raw material for the production of aluminum, totaled 23.62 million tonnes in January and February, an increase of 12.8% year-over-year.
In spite of the annual increase in aluminum imports, imports were unattractive due to high global prices in the first two months.
The benchmark aluminum contract on the London Metal Exchange saw a monthly average of $2,644 a tonne in January, which was the highest it had been since May 2022. In February, however, the price dropped to $2,373 a tonne.