March 2019 | Aluminium Weekly Market Tracker
Primary and Secondary
Analysis of consumption and production of primary aluminium, and an analysis of the market drivers of secondary aluminium and aluminium.
Demand Analysis:
China's aluminium exports down 37.9% m-o-m and 7.8% y-o-y in February
After registering a record high in January, China's aluminium exports witnessed a correction in February, down 37.9% m-o-m and 7.8% from the same time period last year to 343,000 tonnes. We believe there are several reasons behind this development. Firstly, Chinese Lunar New Year fell in February this year, leading exporters to front-load the material before the week-long holiday started. Secondly, the uncertainty around the US-China trade talk continues to weigh on Chinese exporters' confidence, who remained cautious when signing orders. Thirdly, the off-shore RMB has been appreciating which has squeezed producers' margins. Other more minor factor at play could have been the three day closures at aluminium billet and rod plants Henan Jiaozuo due to environmental concerns.
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