According to statistics from China Customs, China imported around 88,900 tons of refined aluminum in April, rising by nearly two folds compared to the same month a year ago, which hit the second record high.
China increased its aluminum imports as its major producing hub Yunnan province is facing hydropower shortages due to severe drought, to the production decrease significantly. In April, China’s aluminum production dropped by 1% year on year to 3.3 million tons.
In addition to the weather issue, Russia raised its aluminum exports to China on account of geopolitical considerations as other countries stopped supplying their lightweight metal to Russia due to its invasion of Ukraine. China’s importers are also able to pay in yuan while doing business with Russia.
Post time: May-23-2023