SMM March 21 Update
According to Chinese customs, China exported 404,900 mt of alumina in January-February 2025, up 45.9% YoY; imported 77,600 mt of alumina, up 87.9% YoY; and had a net export of 327,300 mt of alumina, down 189.4% YoY (based on the 8-digit HS code: 28182000). The import window for alumina opened at the beginning of 2024, and currently, the price spread between domestic and overseas markets has widened, with LME outperforming SHFE. This, combined with the domestic alumina market returning to a surplus, suggests that China's alumina will likely continue to maintain its import and export pattern.
