Global aluminium deficit to exceed 600,000 tons in 2025

JP Morgan predicts a narrowing global aluminium market with a deficit exceeding 600,000 tons in 2025. This deficit is driven by Chinese supply and the looming US tariffs.

This comes as Trump’s long-threatened 25% tariffs against Canada and Mexico began at midnight in Washington DC, as did a new 10% levy against China.

Donald Trump’s trade adviser has also critiqued Australia’s manufacturing industry in comments that may undermine Canberra’s bid to win an exemption from new US steel and aluminium tariffs.

In a USA opinion piece shared by the White House, Peter Navarro wrote that Australia – and Canada – were waging “frontal assaults” on the US aluminium market.

It is clear that the full affects of the tariffs are yet to be felt.