China imported 230,000 mt of alumina in July, surging 156% MoM, but down 50% YoY. YTD imports through July totaled 1.88 million mt, a drop of 36% YoY, according to China Customs.
Imported alumina lost its price appeal over domestic materials and supply of domestic alumina increased, leading Chinese aluminum producers to scale back imports.
FOB prices of Australian alumina have been falling since May, with the average monthly price down to USD 318.4/mt in July. The price, though higher than USD 309/mt in the same period last year, was the lowest level since September 2012.
A survey has found that some Chinese alumina traders have decided to step up alumina imports later this year since there will be limited room for domestic alumina prices to fall any further and current Australian alumina prices are considered acceptable. Besides, traders have painted a rosy picture of growing alumina demand from the commissioning of new aluminum capacity in the latter half of the year, also an incentive for alumina imports.
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