SMM December 25:
According to data from the General Administration of Customs, China’s primary aluminum imports in November 2025 were approximately 147,000 mt, down 40.8% MoM and 2.5% YoY. Primary aluminum exports were about 53,000 mt, up 116.2% MoM and 182.6% YoY, reaching a three-year high. Net imports of primary aluminum stood at 94,000 mt, down 58.1% MoM and 28.9% YoY, hitting a new low for the year.
The decline in imports and rise in exports of primary aluminum in November were mainly attributed to the following factors, according to SMM analysis:
(1) The widening losses on imports in October and shrinking profit margins for manual processing trade had a delayed impact. As a result, primary aluminum imports under the Processing Trade with Supplied Materials fell 15.4% MoM.
(2) Aluminum ingot premiums in Europe and the US remained high, attracting global aluminum flows to these regions. This led to a decrease in China’s primary aluminum imports. Meanwhile, supply tightened in Asia, pushing spot premiums higher, prompting some aluminum ingot cargoes in bonded zones to be re-exported to markets such as South Korea, India, and even Europe.
In the short term, China’s monthly net imports of primary aluminum are expected to remain relatively low compared to the January–October 2025 period.
