SMM

The U.S. imposed tariffs on Canadian, Mexican, and Chinese imports, triggering a 17% surge in the Midwest Premium to $617/ton. Canada retaliated, but a last-minute deal delayed enforcement by 30 days. If implemented, U.S. aluminium supply will tighten as Canadian exports shift to Europe, while alternative sources from the Middle East and India remain constrained. This could further inflate U.S. aluminium prices and disrupt global trade flows. The escalating trade conflict may drive market volatility, supply chain disruptions, and inflationary pressures, keeping the Midwest Premium elevated through 2025.