On November 15, the Ministry of Finance and the State Administration of Taxation issued the "Announcement on Adjusting Export Tax Rebate Policies", canceling the export tax rebate for aluminum and other products from December 1, 2024, involving a total of 24 tax numbers for aluminum.The export tax rebate for aluminum involved in the cancellation is 13%. The cumulative export volume of aluminum involved in the "Announcement" from January to September 2024 was 4.6198 million tons, accounting for 99.7% of my country's total aluminum exports.

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The complete cancellation of the export tax rebate for aluminum products will not only have a certain impact on the domestic and foreign price difference in the short term, but also have a far-reaching impact on the domestic and foreign aluminum market structure in the medium and long term.

There is less than half a month left before the implementation date of the cancellation of export tax rebates on December 1. Considering the production rhythm, transportation and export process handling, the increase in "rushing to export" in November may be relatively limited. But in fact, since the middle of this year, there have been related rumors in the market that some aluminum processing companies have begun to "rush to export" at that time. The continued high export volume of aluminum materials since the third quarter has a certain relationship with this. Some companies have included the risk of canceling export tax rebates in their contracts, but the majority of companies that have not avoided this risk in their contracts have begun to communicate with customers, which is expected to have a certain impact on the company's short-term profit level.

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