The discussion considering the durability and lightweight of the most traded metals, that is, aluminium and steel, has been ongoing for years and is never-ending, but how is the current trade policy shaping the trade of these metals in 2025? With a 50 per cent steep tariff imposed by Trump, will these metals have broader trajectories to unfold trade dynamics in the coming years.
To date, both aluminium and steel have their own unique trading dynamics, influenced by the volume and ways they are used, their pricing systems, and the global supply chains. Steel trade thrives on its strength and durability, making it a go-to choice for infrastructure projects, while aluminium is becoming increasingly popular due to its lightweight properties, especially in the automotive and aerospace industries. Here’s their market size and trade: In 2024, the market size of aluminium was between USD 189.3 billion and USD 249.83 billion, while the market size of steel was USD 1.47 trillion (approx.). Their trade values were USD 490.45 billion and USD 918.84 billion, respectively.
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A decade in aluminium trade: 2014–2024
Back in 2014, aluminium trade value was at USD 341.42 billion, but it dipped in the following years to USD 322.79 billion in 2015 and USD 307.04 billion in 2016. However, things started to pick up again in 2017, reaching USD 346.72 billion and continued to rise to USD 389.01 billion in 2018.
It then eased back to USD 354.32 billion in 2019 and dropped to USD 329.07 billion in the challenging year of 2020 due to the pandemic. A strong recovery took place in 2021, hitting USD 472.44 billion and the momentum carried on into 2022, peaking at USD 556.56 billion for the decade. After that, values began to moderate, falling to USD 476.37 billion in 2023 and stabilising at USD 490.45 billion in 2024, suggesting a more balanced trade environment.
A decade in the steel trade: 2014–2024
Back in 2014, the global steel trade was worth a whopping USD 834.36 billion, but then it took a nosedive in 2015 and 2016, dropping to USD 671.94 billion and USD 612.61 billion, respectively. Things started to pick up again in 2017, reaching USD 757.65 billion and even hitting a high of USD 863.93 billion in 2018 before softening to USD 763.77 billion in 2019.
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