In mid-May, sentiment in the bulk commodities market warmed up due to positive news regarding tariff discussions during the China-US talks in Geneva.
According to the consensus reached during the China-US Geneva talks, the US agreed to reduce tariffs imposed on Chinese imports from their previous levels to 10%, and suspended the implementation of a 24% tariff measure for 90 days starting May 14. This directly alleviated export pressures on domestic aluminum products, particularly benefiting sectors such as photovoltaic (PV) components and auto parts that rely on re-export trade. Although China’s direct exports of aluminum products to the US accounted for less than 5% in 2024, over 30% of aluminum products were exported via re-exports through Mexico and Canada. The tariff reduction is expected to restore the resilience of this supply chain segment. As a result, the market is optimistic about a recovery in export orders in the second half of the year, which in turn has boosted expectations for aluminum ingot demand.
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