China Materials: May Trade Data: Aluminium Exports Increase Further

研报英文原文证据摘录

China Materials: May Trade Data: Aluminium Exports Increase Further

Update

June 9, 2026 08:47 AM GMT

Morgan Stanley Asia Limited+MChina Materials | Asia Pacific Rachel L Zhang

Equity Analyst

May Trade Data: Aluminium Rachel.Zhang@morganstanley.comHannah Yang, CFA +852 2239-1520

Hannah.Yang1@morganstanley.com +852 2239-7079

Exports Increase Further Chris Jiang

Chris.Jiang@morganstanley.com +852 3963-1593

Aluminium products exports rose 16% YoY, while steel exports Cynthia Tang

declined 2% YoY. ResearchCynthia.Tang@morganstanley.comAssociate +852 3963-4360

Steel exports in May decreased 2% YoY, but improved 9% MoM to 10.3Mt, likely Morgan Stanley & Co. International plc+

Amy Gower (Amy Sergeant), CFAreflecting a low base in April. Exports for 5M26 totaled 44.6Mt, -8% YoY. Daily

Commodities Strategist

production at CISA member mills declined 4.4% YoY in May (vs -5.7% YoY in April ). Amy.Gower1@morganstanley.com +44 20 7677-6937

Assuming similar YoY trends for nationwide total crude steel output, we estimate

apparent steel consumption was 10.4% YoY/-11.1% MoM in May, on more stockpiling.

China’s imports of copper and copper products (refined + alloys) totaled 446kt

in May, down 1% MoM but up 4% YoY. The import arbitrage opened intermittently

during April and May despite rising copper prices, with net refined imports in April Greater China Materials

reaching the highest level since September 2025. Inventory draws slowed in May. Asia Pacific

Industry View Attractive

The Yangshan premium ranged between US$60 and US$75/t, indicating continued China Coal

solid physical demand. Copper ore and concentrate imports declined 1% MoM and Asia Pacific

Industry View Cautious

were flat YoY at 2.35Mt, while treatment charges continued to fall as strong