With the possibility of re-adjusted trade flows as a result of the tariff, premiums moved to try and represent what the future may hold.
US premium shoots up following Trump's tariff talk
- US Midwest premium climbs almost 20% on Trump’s tariff talk
- European premiums decline, but bullish tone persists
- Asian markets supported by settlement of higher Q2 MJP deal
- Brazilian premiums continue to ride 232 momentum higher
The US Midwest aluminium premium has shot up following Trump’s reveal of his intent to levy a blanket 10% tariff on the country's imports of aluminium as a result of the Section 232 investigation into the national security impact of such imports.
American Metal Market’s assessment of the US P1020 spot premium put it at 16.5-17.5 cents per lb on Tuesday, up nearly 20% from 14-14.5 cents per lb the previous week, placing the premium at its highest level since April...