SMM

On December 20th, China's State Council's Customs Tariff Commission announced the 2024 tariff plan. The export tariff for aluminium products with over 99.995% purity (HS code 76011010) dropped from 30% to 0%. Exports of these were around 9,076 mt in 2022, but fell 94% YoY in January-November 2023 period due to the 30% tariff. The adjustment of the export tariffs in 2024 could potentially improve the export market for products under this code.