Wedoany.com Report-Dec.26, According to data released by China's General Administration of Customs, primary aluminum imports in November 2025 amounted to approximately 147,000 metric tonnes. This represented a decrease of 40.8% from the previous month and 2.5% year-on-year.

Primary aluminum exports during the same period reached about 53,000 metric tonnes, marking a significant increase of 116.2% month-on-month and 182.6% year-on-year. This export volume achieved a three-year high.

As a result, net imports of primary aluminum stood at 94,000 metric tonnes, down 58.1% from October and 28.9% compared to November of the previous year. This figure marked the lowest level for the year to date.

Shanghai Metals Market (SMM) analysis attributes the notable shift in trade patterns—declining imports combined with rising exports—primarily to several key factors. The widening losses on imports observed in October, along with reduced profit margins in manual processing trade, produced a delayed effect on November activity. Consequently, primary aluminum imports under the Processing Trade with Supplied Materials category declined by 15.4% month-on-month.

Additionally, elevated aluminum ingot premiums in Europe and the United States continued to attract global supply flows toward those regions. This dynamic contributed to a reduction in the volume of primary aluminum directed toward the Chinese market.

The changes reflect adjustments in international market conditions and regional price differentials. Domestic aluminum production in November 2025 (based on a 30-day period) showed a 1.47% year-on-year increase, though it decreased 2.82% from the prior month. This production trend occurred as the industry transitioned from peak consumption to a slower off-season, with downstream operating rates trending downward.

In the near term, monthly net imports of primary aluminum are expected to remain relatively low compared to levels seen from January through October 2025. The overall trade balance in this period highlights the influence of global supply allocation and cost considerations on China's primary aluminum flows.

These developments are consistent with broader patterns in the non-ferrous metals sector, where external market premiums and processing economics play a significant role in shaping import and export decisions. The data underscores the responsiveness of trade volumes to prevailing price structures and regional demand signals across major aluminum-consuming and producing areas.