According to the United States Geological Survey, the United States imported 1.36 million tonnes of aluminium (including scrap) through the first quarter of 2024 ended March 31. That reflected an annual increase of 6.25 per cent from 1.28 million tonnes. In the individual month of 2024, the United States imported 448,000 tonnes, 492,000 tonnes, and 418,000 tonnes, indicating a fluctuating trend M-o-M. After a rise in February by 9.82 per cent, the United States’ aluminium imports in March decreased by 15 per cent.
The top sources of imports in Q1 2024 included Canada (874,000 tonnes), the United Arab Emirates (69,600 tonnes), Mexico (63,900 tonnes), China (approximately 42,200 tonnes), and Argentina (41,100 tonnes). However, if compared to the previous year, imports from almost all the above mentioned countries decreased year-to-date, barring Canada. In fact, Canada primarily drove the United States aluminium imports through Q1 2024, reporting an annual hike of 13.27 per cent in its imports.
Among the rest, imports from the UAE plunged by 25 per cent Y-o-Y and that from Mexico, China, and Argentina decreased by 7.26 per cent, 6.22 per cent, and 3.41 per cent, respectively.
Delving into the import trend of each product, the United States aluminium crude metal and alloy imports totalled 911,000 tonnes in Q1 2024, up by 5.81 per cent from 861,000 tonnes during the same period of the previous year. Canada, being the highest exporter of the metal to the United States, supplied a lion’s share of 721,000 tonnes – 19 per cent less Y-o-Y than 606,000 tonnes.
Other major exporting countries included the United Arab Emirates, Argentina, Australia, and Qatar. The UAE’s export to the US decreased by 25.14 per cent in Q1, totalling 69,100 tonnes. Mirroring the similar trend, Argentina’s crude metal and alloy exports to the US dropped by 2.84 per cent Y-o-Y to 41,100 tonnes Y-T-D, while that of Australia and Qatar decreased by 40 per cent and 42.35 per cent, respectively.
The United States’ imports of aluminium plate, sheet, and bars totalled 292,000 tonnes during January-March 2024, reflecting an increase of 11.9 per cent from 261,000 tonnes, driven by Canada the most, followed by China, South Korea, Vietnam, and Mexico.
Canada exported 57,800 tonnes of aluminium plate, sheet, and bars through Q1 2024, which in contrast to the previous year stood 7.84 per cent higher than 53,600 tonnes. The exports from South Korea and Vietnam soared Y-o-Y by 121 per cent and 232 per cent to 28,300 and 16,100 tonnes, while that from China and Mexico decreased by 6.25 per cent and 5.48 to 42,000 tonnes and 13,800 tonnes.
Aluminium scrap import volume in Q1 was 156,000 tonnes, down by 3.7 per cent from 162,000 tonnes, owing to increased generation of domestic scrap. Canada and Mexico contributed 94,700 tonnes and 48,400 tonnes, accounting for 58.46 per cent and 29.88 per cent of the total imports. On a year-on-year basis, the United States scrap imports from China dropped by 3.17 per cent in Q1, and that from Mexico dwindled by 5.47 per cent.
It is clear from the above data that Canada is now driving the United States’ trade market, based on the strong trade agreements like NAFTA (North American Free Trade Agreement, now replaced by USMCA - United States-Mexico-Canada Agreement). Moreover, Canada is one of the world’s leading producers of primary and downstream aluminium that enables the country to meet the growing demand of the metal stemming from end-user sectors in the United States.
