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Chinese Semis Exports Bound to Remain Near All-Time Highs In 2020

Executive Summary

  1. Chinese semis exports declined in H2 2019 amid a narrower price arbitrage and Western World demand contraction.

  2. However, in year-to-date terms, exports remain near all-time highs.

  3. Indeed, Chinese semis exports continue to cannibalize primary aluminum demand in ROW.

  4. Looking forward, we expect Chinese semis exports to stabilize amid more favorable demand and arbitrage conditions.

More details in full report.