December 23, 2019
Executive Summary
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Chinese semis exports declined in H2 2019 amid a narrower price arbitrage and Western World demand contraction.
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However, in year-to-date terms, exports remain near all-time highs.
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Indeed, Chinese semis exports continue to cannibalize primary aluminum demand in ROW.
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Looking forward, we expect Chinese semis exports to stabilize amid more favorable demand and arbitrage conditions.
More details in full report.