China's imports of raw aluminum in July increased by 50%

According to calculations, China's imports of raw aluminum in July increased by 50% compared with the previous month, as consumers continued to take advantage of lower overseas aluminum prices.

China imported 184606 tons of raw aluminum in July, according to the General Administration of customs. This is higher than the 123464 tons imported in June, more than 14 times the same period last year, and also the monthly import volume since June 2009. China is a global aluminium producer and consumer.

China's imports of unwrought aluminum and aluminum products were 391297 tons in July, the highest level since April 2009, making China a net importer of aluminum for the first time in nearly 11 years, China's customs said on Sunday.

Generally, China rarely imports a large amount of aluminum, but the rapid recovery of domestic demand after the new crown epidemic makes the aluminum price in Shanghai far higher than the international price, thus forming the arbitrage price difference, that is, the cost of aluminum imported from overseas is lower.

At the same time, China's refined copper imports increased by nearly 90% year-on-year in July. Imports of unwrought copper and copper products reached a record high last month, also benefiting from the arbitrage window.