US Aluminum Imports Decline 5% in August Amid Canada Supply Dip

Global Trade Tracker (GTT)

Imports of unwrought aluminum to the United States fell by 5% in August 2024, largely driven by a decrease in shipments from Canada, the top supplier. According to data from Global Trade Tracker (GTT), the U.S. imported 297,000 metric tonnes (t) of aluminum in August, down from 314,000t in the same month in 2023.

Canadian shipments, which make up two-thirds of U.S. aluminum imports, accounted for most of this decline. Canada’s volume slipped to 203,000t from 221,000t a year earlier, nearly matching the 17,000t drop in total U.S. aluminum imports year-on-year. The UAE, the second-largest supplier, increased its contribution to 34,000t, up from 28,000t in August 2023. In contrast, Australian and South African exports to the U.S. saw a cumulative decline of around 5,000t, contributing to the overall reduction in U.S. aluminum imports.

Australia Drops as Major Supplier

Year-to-date figures underscore a shift in the U.S. aluminum import landscape. Total U.S. aluminum imports as of August 2024 stood at 2.615 million tonnes (mn t), down from 2.843mn t during the same period in 2023. Australia’s exports to the U.S. saw a dramatic reduction, falling to 57,000t from 182,000t, relegating it from third-largest to sixth-largest supplier. Canadian imports, however, rose slightly year to date, reaching 1.840mn t, up from 1.760mn t in 2023.

South Africa’s aluminum contributions also dropped, with volumes decreasing to 82,000t from 120,000t year-to-date August. The UAE’s year-to-date exports to the U.S. fell to 295,000t, down from 397,000t in the same period last year, further reflecting shifting dynamics in the U.S. aluminum import market.

US Copper Scrap Exports Reach Six-Year High in 2024

Copper Scrap

Total Copper Scrap Shipments Surge by 15%, Led by Strong Demand from China and Asia

In 2024, US copper scrap exports hit their highest levels in six years, marking a 15% increase from the previous year. Total copper scrap exports rose to 310,200 metric tonnes (mt), up from 270,100 mt in 2023. According to data compiled by Global Trade Tracker, this surge reflects rising demand across all forms of copper scrap.

Strong Growth in Copper Scrap Exports to China and Asia

Among the different categories of copper scrap, exports of bare bright scrap increased by 1.7%, reaching 81,400 tonnes in 2024. A significant portion of this growth was driven by a 3,200-tonne increase in exports to China. Exports of #1 copper scrap, which rose by 20% to approximately 112,400 tonnes, were also dominated by demand from China, which received 19,700 tonnes more than the previous year. Similarly, exports of #2 copper scrap saw a 21% increase, totaling over 116,500 tonnes, with higher deliveries to China, Malaysia, and Thailand.

This growing demand from Asian markets, particularly China, has contributed to the rise in US copper scrap exports. The Chicago Mercantile Exchange (CME) copper price for 2024 averaged $4.23 per pound, a 37¢ increase compared to 2023. Asian #1 copper scrap discounts averaged 19¢ per pound under the CME price, widening from the previous year’s 13¢ per pound. As a result, consumers faced a 31¢ per pound increase compared to the previous year due to the elevated exchange price.

Copper Scrap Exports: A Key Indicator of Global Demand

The rise in US copper scrap exports is a clear indicator of the strong global demand for copper, particularly in Asia. With China and other countries ramping up their copper production and consumption, the US remains a critical player in the copper supply chain. As demand for copper continues to grow, especially for use in green technologies and infrastructure, copper scrap exports will likely remain a vital component of the global market.

USAC Boosts Antimony Supply Chain with Australian Ore for Mexico Smelter

US Antimony

Texas-based US Antimony (USAC) has announced a strategic move to secure antimony (Sb) ore shipments from Australia, aiming to revitalize its Madero Antimony Smelter in Mexico. This initiative comes as the smelter plans to restart operations in March 2025, following a closure since March this year.

Strategic Import to Overcome Supply Challenges

The first batch of antimony ore sourced from Australia is scheduled to arrive at the west coast port of Manzanillo, Mexico, in March 2025. While USAC has not disclosed the initial volume or the supplier, the company anticipates a steady import rate of 300 tonnes per month as it familiarizes itself with the ore's chemical and metallurgical properties.

This import strategy is part of USAC's broader effort to diversify its supply sources. Historically reliant on imports due to the lack of domestic antimony mining, USAC's move is timely, especially following China's recent suspension of antimony exports to the US, a decision that has significantly impacted global supply chains.

Revitalizing Operations Amid Market Shifts

The decision to restart the Madero Smelter is a turnaround from March, when USAC had discontinued its operations in Mexico due to financial underperformance and ongoing negative cash flows. However, with antimony fundamentals strengthening and the necessity to secure non-Chinese antimony sources, USAC is positioning itself to capitalize on these new market dynamics.

USAC remains the only company in the US that produces primary antimony using imported feedstock, a critical factor given the recent geopolitical tensions affecting metal imports. The US heavily relies on imported antimony, with significant quantities previously sourced from China. According to Global Trade Tracker data, the US imported 15,665 tonnes of antimony metal from China from January 2022 to October this year, which accounted for 22% of US imports over the period, while antimony trioxide imports from China totalled 55,506 tonnes, making up 69% of the total.

Switzerland Adopts EU’s Russian Aluminium Ban in Sanctions Alignment

Russian aluminium

Federal Council Moves to Restrict Russian and Belarusian Aluminium Imports

Switzerland has adopted the EU’s Russian aluminium ban, aligning with Brussels’ 16th sanctions package targeting Moscow’s industrial exports. The Focus Keyphrase "Switzerland Russian aluminium ban" marks a significant shift in Swiss trade policy, historically characterized by neutrality, as the country intensifies its stance against Russian aggression.

The Federal Council announced it will implement all remaining relevant EU sanctions, including a ban on Russian primary aluminium imports and a prohibition on chromium ore exports to Russia. These measures aim to reduce materials that contribute to Russia’s military and technological advancement. Switzerland imported approximately 173,000 tonnes of unwrought Russian aluminium in 2023, according to Global Trade Tracker.

Belarusian Aluminium Also Targeted as Sanctions Widen

In parallel, Switzerland will enforce additional sanctions on Belarus, citing its complicity in the Ukraine war. These include a ban on Belarusian primary aluminium imports and expanded restrictions on dual-use and military-enhancing goods.

The Council emphasized that aligning sanctions with the EU is intended to prevent circumvention via Belarus, ensuring a more unified and effective European sanctions regime. This harmonization reduces the risk of Russian commodities entering EU markets indirectly through Swiss or Belarusian channels.

Strategic Impact on European Aluminium Supply Chains

The Swiss ban on Russian aluminium imports adds further pressure on Europe’s primary aluminium supply, which is already constrained by energy costs and limited regional production. Traders and manufacturers must now reassess sourcing strategies, particularly for unwrought aluminium, as the region seeks alternatives from non-sanctioned producers such as Norway, Canada, and the Middle East.

Meanwhile, the ban on chromium ore exports to Russia may impact specialty alloy production and stainless steel supply chains, especially those tied to aerospace and defense markets.

The Metalnomist Commentary

Switzerland’s adoption of the Russian aluminium ban underscores a growing consensus in Europe on restricting key industrial imports tied to Moscow. As sanctions converge and enforcement tightens, metals traders and manufacturers will need to recalibrate logistics and risk strategies in a rapidly evolving geopolitical landscape.