Aluminum Scrap Markets
January 3, 2025
2024 in Review: Aluminum and scrap markets navigate a year of change
Written by Gabriella Vagnini
As 2024 wraps up, the aluminum and scrap industries proved once again that they’re anything but predictable. From the chaos of the election to decarbonization pushes, trade policy shifts, and changing market dynamics, this year brought big moments that reshaped the landscape. Looking ahead to 2025, let’s take a closer look at the highlights and what they might mean going forward.
One of the biggest announcements came late in the year when China’s Ministry of Finance said it would remove the 1.5% import tariff on aluminum scrap (HS codes 7602) starting January 1, 2025. This move is expected to drive up scrap imports, boost China’s green initiatives, and fit into its low-carbon goals. CRU pointed out that this is part of China’s broader strategy to prioritize high-quality material imports while growing domestic demand. For the global aluminum scrap market, this decision could have ripple effects—opening up trade opportunities and adding fuel to the circular economy.
