The latest shot fired in the ongoing US-China economic standoff could have far-reaching implications for the global aluminium industry. Speaking in no uncertain terms, Scott Bessent, an economic advisor to former President Donald Trump, stated that “all options are on the table,” including the delisting of Chinese companies from American stock exchanges. While the statement is loaded with geopolitical overtones, its economic reverberations are particularly significant for the global commodities market — aluminium being one of the most affected.
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Image for referential purposes only and does not depict original scenario (source: https://www.smallcase.com/)
This development comes at a time when global markets are already battling fragile supply chains, and it could become a turning point for Indian and other non-Chinese aluminium producers.
Why aluminium matters in the crossfire
China dominates the aluminium sector, producing around 60 per cent of the world’s primary aluminium. Giants like Aluminum Corporation of China Limited (Chalco) and China Hongqiao Group anchor this dominance. While these companies are mostly listed in China and Hong Kong, a handful of Chinese metal firms trade American Depository Receipts (ADRs) in the US, primarily in upstream or resource-linked services.
However, delisting symbolises the bigger picture — a potential widening of the rift between the world’s two largest economies. And that could disrupt global trade patterns, investment strategies, and supply security in key industrial metals.
How US-China decoupling could disrupt aluminium markets
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