SMM May 22: According to data from the General Administration of Customs, China's primary aluminum imports in April 2026 were approximately 265,000 mt, up 4.1% MoM and up 5.9% YoY. From January to April 2026, China's cumulative primary aluminum imports totaled approximately 911,000 mt, up 9.2% YoY. In April, China's primary aluminum exports were approximately 16,000 mt, up 6.3% MoM and up 13.7% YoY. From January to April, cumulative primary aluminum exports totaled approximately 54,000 mt, up around 55.1% YoY. In April, China's net primary aluminum imports were 250,000 mt, up 4.0% MoM and up 5.5% YoY. From January to April, China's cumulative net primary aluminum imports were approximately 858,000 mt, up 7.2% YoY. (The above import and export data are based on HS codes 76011090 and 76011010.) By country of origin, 83.6% of China's total primary aluminum imports in April came from the Russian Federation, 7.9% from Indonesia, 3.5% from Australia, and 2.7% from India. By trade mode, from January to April, the share of primary aluminum imports under Ordinary Trade was 4.0%, 1.3%, 1.7%, and 0.2% respectively, down 23.6, 27.2, 21.3, and 23.7 percentage points YoY respectively. LME aluminum outperformed SHFE aluminum in price trends, the SHFE/LME price ratio declined, and imports under Ordinary Trade decreased. It is possible that large volumes of bonded warehouse cargo may be re-exported to other countries outside China going forward. According to SMM surveys, long-term contracts and previously signed orders in April were fulfilled normally. Combined with in-transit cargo arriving at ports successively, China's primary aluminum imports remained at elevated levels. Currently, the supply-demand gap in the ex-China aluminum market is significant, with high spot aluminum ingot premiums outside China. Going forward, some imported cargo may be diverted for re-export to high-premium regions such as Japan and South Korea, Thailand, India, and Europe and the US. Overall, China's net primary aluminum imports in 2026 are expected to decline YoY.

China's primary aluminum imports were approximately 265,000 mt in April 2026, up 4.1% MoM and up 5.9% YoY. From January to April 2026, China's cumulative primary aluminum imports totaled approximately 911,000 mt, up 9.2% YoY.

Primary Aluminum Imports According to data from the General Administration of Customs, domestic primary aluminum imports reached approximately 265,000 tons in April 2026, rising 4.1% month-on-month and 5.9% year-on-year. The total domestic import volume from January to April 2026 stood at around 911,000 tons, up 9.2% year-on-year. Primary Aluminum Exports Per statistics released by the General Administration of Customs, domestic primary aluminum exports were about 16,000 tons in April 2026, growing 6.3% month-on-month and 13.7% year-on-year. The cumulative export volume in the first four months of 2026 hit roughly 54,000 tons, with a year-on-year increase of about 55.1%. (The above import and export data are based on HS Codes: 76011090 and 76011010)

Japan’s primary aluminum imports rose 6.6% YoY and 16% MoM to 89,497 tones in March 2026, supported by recovering automotive demand and stronger aluminum product output. Japan’s vehicle production increased 8.8% YoY, boosting demand for automotive flat-rolled and extruded products, with automotive extrusion shipments rising 15%. However, construction demand remained weak, with construction extrusion shipments falling 5.3% YoY. Imports of ADC12 aluminum alloy ingots declined 3% to 79,137 tones, while average import prices rose 5.6% to USD 2,969/t. On the supply side, imports from Malaysia surged 836.9% YoY, marking the fastest growth among suppliers.

[SMM Data: Complete Summary of SMM March 2026 Import and Export Data] SMM March 2026 import and export data showed: copper cathode net imports were lower YoY; primary aluminum imports reached 255,000 mt, up 14.8% YoY; refined lead imports surged significantly; zinc ingot imports were up 220% MoM; tin ore imports were up 122% YoY; silver imports were up 93% MoM; steel exports rebounded MoM; PV module export value was up 122.7% MoM; silicon metal exports were up 43% MoM, and magnesium exports hit a multi-year high. Among new energy materials, exports of LiPF6 and artificial graphite surged significantly.

Due to Japanese manufacturers' heavy reliance on Middle Eastern aluminum metal supplies, several Japanese enterprises were forced to cut production and urgently seek alternative supply sources after the conflict disrupted key shipping routes. The most visibly affected were automakers and parts manufacturers, such as Toyota Motor and Denso Corp. Industry data showed that approximately 70% of aluminum imports by Japanese domestic automakers came from the Middle East. Since the outbreak of this round of conflict, aluminum prices had risen by approximately 13% cumulatively. One of the enterprises already feeling the impact was Kato Light Metal Industries. The company, headquartered in Aichi Prefecture, produces a wide range of aluminum products, primarily for the automotive sectors.