Aluminum premium hits record in U.S. on tariffs, global squeeze [BNN Bloomberg (Canada)]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: BNN Bloomberg
U.S. President Donald Trump doubled tariffs on aluminum imports to 50 per cent on June 4 with the aim of supporting investment in U.S. production of the metal, which is used in construction as well as power and packaging. Buyers on the U.S. physical market typically pay the benchmark price on the London Metal Exchange plus a premium that covers costs such as freight and taxes. The duty-paid Midwest premium has surged since June, hitting a record 88.10 cents a pound AUPX25 or US$1,942 a metric ton on Friday. Added to the aluminum price CMAL3 of $2,850 a tonne, a U.S. buyer in the spot market would pay $4,792 a ton. At $2,850 a ton, the duty on U.S. aluminum imports would be $1,425, up from around $560 a ton at the start of the year. Consultancy Harbor Aluminum said the surge was also due to falling aluminum stocks in the U.S. and a “strong conviction” that the tariffs would be permanent, without any exemptions for Canada after Trump called off trade negotiations with its neigh
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