China’s aluminium exports may see further decline as Vietnam enters into COVID19 containment lockdown
The coronavirus pandemic is likely to create a further impact on China’s aluminium exports as a greater part of the world has come under lockdown to contain the spread of the virus.
According to a report on Wednesday, Vietnam, a major buyer of Chinese aluminium, has entered into 15 days nationwide isolation. Residents can only step outside for essential needs such as food, medicines, and urgent medical services, or may go to work at companies permitted by the government to remain open.
Vietnam took the call for isolation after many European and American countries, who are also the major importers of Chinese aluminium, went into virus containment lockdowns, slowed business production, and kept people at home.
Data from China customs showed that around 11 per cent of China’s exports of aluminium profiles, bars and rods, 4.8 per cent of aluminium plates, sheets and strips, and 2.8 per cent of aluminium foils were destined to Vietnam in 2019.
In the first two months of 2020, China’s unwrought aluminium and aluminium products already dropped by 25.2 per cent year on year, as precautionary measures against COVID19 forced aluminium processors to delay resumption from the Lunar New Year.
This downward trend is likely to continue at least untill May, as more countries are joining China in imposing measures to stop the spread of the pandemic.
The 15-day isolation in Vietnam is expected to affect its domestic demand for aluminium products just as the way the global demand is hit hard by the pandemic.
source: ALCIRCLE.COM
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