China setting up its own aluminum production
2022.12.18 09:53
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China setting up its own aluminum production
Budrigannews.com – As domestic supply increased and the COVID-afflicted economy continued to dampen demand for the light metal, China’s imports of aluminum in November decreased by 35.7% from a year earlier.
According to data from the General Administration of Customs, the nation imported 255,744 tonnes of primary metal and unwrought, alloyed aluminum in the previous month.
Smelters in China increased their production this year as industrial users saw their power restrictions eased. The most recent output number for November indicated a ninth increase in a row, reaching 3.41 million tonnes.
The world’s leading aluminum producer produced 36.77 million tonnes during the first 11 months of the year, an increase of 3.9% from 2021.
Weak demand for the metal used in the transportation, construction, and packaging industries also weighed on import appetite.
In November, factory output slowed and retail sales continued their declines, both of which missed forecasts, further slowed China’s economy.
However, a rise in the price of industrial metals last month reflects signs of easing COVID restrictions and Beijing’s efforts to revive the troubled property sector.
In November, the most traded aluminum on the Shanghai Futures Exchange averaged 18,845 yuan per tonne, or $2,703.42, up from 17,755 yuan per tonne in October, when it hit a 19-month low.
From the previous month’s import volume of 196,460 tonnes, November’s import volume increased by 30.2%.
2.13 million tonnes of imports were made in the first 11 months, a decrease of 28.2% from the same time last year.
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Last month, 11.79 million tonnes of bauxite, the primary source of aluminum ore, were imported. That was a 31.3 percent increase over October’s 8.98 million tonnes and a 53.6% increase over November’s 7.7 million tonnes.
