China’s imports of unwrought aluminium more than doubled year-on-year in 2023 and were the second highest annual total since the start of the century.
Primary metal imports surged to 1.54 million metric tons from 668,000 tons in 2022, but fell just short of the record 1.58 tally accumulated over 2021.
The big difference between the 2021 and 2023 peaks was the composition of the inbound shipments.
Russian metal accounted for just 18% of 2021 volumes, a ratio that jumped to 76% last year as penal import duties in the U.S. and self-sanctioning in parts of Europe disrupted previous Russian trade patterns.
Russia and China are becoming increasingly dependent on each other in the aluminium market.
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