China Customs recently announced aluminum export data. In August, China's aluminum exports totaled 270,000 tons, up 31.8% year-on-year, of which aluminum exports were 77,000 tons, up 9.3% year-on-year; aluminum strip exports were 128,800 tons, up 54.57% year-on-year.
On a month-on-month basis, aluminum exports in August fell 40,000 tons from July, down 12.9% from the previous month. Among them, the export of aluminum profiles in August was flat compared with that in July; the export of aluminum strips in August decreased by 29,800 tons compared with July, down 18.8% from the previous month; the export of aluminum foil in August was basically the same as that in July.
In terms of products, the export volume of aluminum profiles and aluminum foils remained stable. Due to the weakness of overseas machinery manufacturing and other markets, the export volume of domestic aluminum strips decreased significantly. According to the communication between Shanghai Nonferrous Metals (SMM) and downstream, the processing enterprises in August generally reflected that the proportion of overseas aluminum products exported by factories has dropped sharply. Many enterprises have dropped from thousands of tons in the previous period to hundreds of tons. More enterprise aluminum export business is basically zero.
The main reason for the decline in exports is that the ratio of Shanghai-London has been maintained at around 7.5, which has led to a decline in the profit of aluminum exports from domestic companies. Recently, some companies have quoted LME aluminum prices for overseas customers and used SHFE aluminum prices as benchmarks. The debt and US debt crisis led to a slowdown in European and American economic development and a decline in domestic consumer demand. Third, the surge in aluminum exports in the early period was mainly due to the rumors of China’s upcoming downward adjustment of export tax rebates. The decline in exports in August was the normal return of the export market. .