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China’s aluminum exports in the first half of this year reached a four-year high.
2018-08-23
Despite ongoing U.S.-China trade tensions, China’s aluminum exports totaled 2.7 million tonnes in the first half of this year, up 12% year on year and marking the highest level since December 2014.
Experts say Chinese aluminum producers are seizing the opportunity presented by rising international aluminum prices to steadily increase output. One of the key drivers behind this price hike is the U.S. government’s sanctions on Rusal, a major Russian aluminum producer. Rusal accounts for 6% to 7% of global aluminum supply, yet its exports fell 9% year-on-year in the first half of this year. Since the U.S. imposed sanctions on the company on April 6, its export volumes have declined sharply. Analysts expect that, in the near term, the supply gap in the international aluminum market will continue to be filled by Chinese producers.
Although the U.S. government has included aluminum ores and concentrates on its next round of tariff‑targeted $200 billion in Chinese imports, the supply gap in the international market caused by U.S. sanctions on Rusal means that Chinese aluminum products still have ample buyers. Currently, Canada accounts for more than 40% of U.S. aluminum imports, while China supplies roughly 15%. However, the U.S. has already imposed a 10% tariff on Canadian aluminum, which suggests that China’s exports of aluminum products to the United States could rise further in the future. Experts forecast that China’s aluminum export volume this year will reach a record high.
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