Aluminium: strong rise in Chinese exports

Chinese exports of “Unwrought aluminium and aluminium products” rose sharply in March 2022.

Exports amounted to 594,361 tons, approaching the highs recorded in January this year. The increase on a monthly basis was +41.18% while on a yearly basis the growth was +34%.

Imports (at least m/m) also rose, but to a lesser extent. The figure showed imports of 197,134 tons in March (+38% m/m) while on a yearly basis there was a drop of 4.50%.

Could it have been the strong negative arbitrage (Shanghai price < Lme price) recorded in March that favoured a rise in Chinese exports?