MNI BRIEF: China Aluminium Imports To Increase In 2024
MNI (MNI (BEIJING)) - China is expected to import 2 million metric tonnes of primary aluminium in 2024, up 45% y/y, driven by growth in Indonesian exports and long-term contracts, Shanghai Metals Market said in a note on Wednesday.
The commodities research firm expects net import volumes of primary aluminium in August to reach 130,000-140,000 mt, up from 111,000 mt seen in July.
During the first half, imports from Russia reached 673,000 mt, up 28.9% y/y, accounting for 49.9% of total imports, SMM noted.
China will see flat 4% copper consumption growth in H2 as fiscal stimulus measures counter the expected 2% demand decline driven by the property-market slump, local analysts have told MNI. (See MNI: China Copper Demand To Hold Flat At 4% In H2)