SMM

According to the latest data from the General Administration of Customs, China's unwrought aluminum and aluminum semis exports in August 2024 reached 594,000 mt, up 1.19% MoM and 21.2% YoY. The cumulative exports from January to August reached 4.352 million mt, up 15.0% YoY. The outperformance of LME over SHFE in August was beneficial for domestic producers to plan exports. Despite the narrowing price spread, overseas end-users still maintained extensive purchasing measures to avoid potential anti-dumping impositions. Additionally, recent SMM survey findings revealed that domestic aluminum processing enterprises have received new overseas orders. It is expected that the exports in September will maintain YoY and MoM growth trends.