Exports of unwrought aluminum and aluminum semis increased MoM in March. During the tariff policy adjustment window, April exports still face downward pressure. [SMM Analysis]

According to data from the General Administration of Customs, China's exports of unwrought aluminum and aluminum semis reached 506,000 mt in March 2025, down 1.17% YoY but up 24.02% MoM. The cumulative exports from January to March totaled 1.365 million mt, a decrease of 7.6% YoY, indicating that the industry still faces downward pressure. According to the SMM survey, negotiations for new import orders by related export enterprises were completed in March, and orders gradually recovered, providing some support for March exports. However, differences within the industry have emerged, with export orders for some leading plate/sheet, strip, and foil enterprises declining, mainly due to small enterprises seizing the market with low prices. Currently, the resurgence of trade wars, coupled with the narrowing import profit/loss margin, has weakened export competitiveness, and enterprises hold a pessimistic attitude toward future orders. Although there is potential incremental space in East Asia, under the dual impact of slowing global economic growth and escalating trade barriers, local enterprises have adopted a cautious procurement strategy, making it difficult to form large-scale demand in the short term. Considering that overseas markets are entering a window period for tariff policy adjustments, combined with the current game between buyers and sellers, it is expected that aluminum semis exports in April may show a pullback trend MoM. Subsequent attention should be focused on the pace of changes in tariff policies of major export destinations. (The above information is based on market collection and comprehensive evaluation by the SMM research team. The information provided in this article is for reference only. This article does not constitute direct advice for investment research decisions. Clients should make decisions cautiously and not use this to replace independent judgment. Any decisions made by clients are unrelated to SMM.) Data source: SMM Click the SMM industry database for more information (Jiayi Qiu, 021-51666898)

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Exports of unwrought aluminum and aluminum semis increased MoM in March. During the tariff policy adjustment window, April exports still face downward pressure. [SMM Analysis]

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