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The global aluminium scrap market got off to a dynamic start in 2024, with the US experiencing significant developments in its exports and imports in the first quarter of the year.
These changes not only reflect a broader economic trend, but also highlight strategic changes in trade policies that are shaping the market.
Increasing Exports
During the first quarter of 2024, US exports of aluminium scrap showed a 2.06% increase over the previous quarter, reaching a total of 495,000 tonnes.
This increase in export volume underlines the prominent position of the US in the global market, likely benefiting from the growing emphasis on sustainability and robust international demand for recyclable materials.
Main Destinations
The major destinations for US exports in the first quarter remained consistent compared to the previous quarter. Malaysia and India continued to be the largest markets, followed by Thailand, which emerged as the third largest importer with 78,800 tonnes.
This stability in destinations highlights the strength of established trade relationships and the importance of continuity in international trade relations.
Growing Imports
US imports of aluminium scrap saw a significant increase of 6.04% in Q1 2024, rising to 156,200 tonnes. This increase indicates strong domestic demand, likely supported by increased industrial activity and ongoing infrastructure projects, which often see a peak early in the year.
Year-on-Year and Month-on-Month Analysis
Compared to the same period in the previous year, imports in the first quarter of 2024 decreased by 3.58%, while exports remained broadly stable. This change could reflect a lower dependence on the foreign market, indicating an improvement in domestic production capacities or a slight change in domestic demand.
In monthly detail, imports and exports showed significant fluctuations. In February, imports decreased slightly compared to January, while exports saw a modest increase.
In March, both imports and exports increased, suggesting dynamism in the market, reflecting seasonal fluctuations and changing global industrial needs.
Conclusions
Analysis of the US aluminium scrap market in Q1 2024 shows a robust trade performance, characterised by growth in exports and imports.
These developments are indicative of a resilient economy dynamically responding to global demand and emerging trade opportunities. With the maintenance of established trade relationships and a continued focus on sustainability, the United States appears well positioned to continue playing a key role in the global aluminium scrap market throughout the year.
Since the beginning of the year, the price of Zorba – Metal Recycling Rate 96% – Copper 3% – US rose by 2.14% to EUR 1,719/mt on 17 June.
Zorba – Metal Recycling Rate 96% – Copper 3% – US euro/ton – Powered by Commodity Evolution
