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When Russian was sanctioned, China's aluminum exports soared to three years

December 27, 2018

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At a time when US sanctions against RUSA disrupted the supply rhythm of the global aluminum market, China’s aluminum exports surged to its highest level in more than three years.

Bloomberg quoted Chinalco as saying this month that due to the disruption of supply at Alcoa Corp.'s Australian plant, China is continuing to increase exports of alumina (aluminum raw materials) and shipments may continue to expand; this year From May to July, China's aluminum exports totaled more than 300,000 tons, compared with only about 11,000 tons in the same period last year.

In March of this year, the United States imposed a 10% tariff on imported aluminum, which greatly increased the cost of American aluminum producers and downstream industries. However, looking at the performance of China's aluminum exports in recent months, as Wall Street has seen members' exclusive comments, since the US implemented the steel-aluminum policy in March, it has not seen any impact on domestic aluminum companies, but has opened up the domestic market. Aluminum exit window.

This is mainly due to the fragmentation of the global aluminum market. After the aluminum tariffs and sanctions against RUSA, the global aluminum supply market was split into four markets: China, Russia, the United States and overseas.

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In April of this year, the United States announced sanctions against Rusa, which led to soaring aluminum prices, and the disruption of production at the Brazilian aluminum business Alunorte, which aggravated the global supply shortage of alumina.

Alcoa is the largest primary aluminum producer in the United States, but its high electricity costs and old equipment make its US production only 14% of total production. Although there is a large amount of idle capacity in the United States, it is necessary to invest a lot of money and endure high labor costs if it is to be put back into production.

In fact, Alcoa's three smelters in Canada are the main supply for the US market. Tim Reyes, head of Alcoa's aluminum business, said: “Even if all of the reduced capacity in the US is re-launched, the US still needs to import a large amount of aluminum. At the same time, Alcoa's alumina plant in Australia also fell into a strike due to labor agreement issues. In the future, the market's expectations for Alcoa's supply have been lowered.

Therefore, the original supply of the aluminum city has been completely damaged by the US government, coupled with the strike in Australia, the supply of overseas aluminum market will be severely compressed in the future.

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