The regional premium for aluminum delivered to the US market climbed above $1 a pound for the first time as US President Donald Trump’s tariffs make the metal more expensive in the domestic market.
The so-called US Midwest premium, the amount added to global benchmarks to deliver aluminum to that region, climbed to $1.005 a pound Wednesday, according to data from Fastmarkets. It’s been hitting successive peaks since reaching a record above 64 cents in early June when Trump imposed a 50% tariff on aluminum imports. The premium has more than doubled since then.
Aluminum prices in the US have been rising faster than for international counterparts for much of this past year because of tariffs.
Photo Credit: Bloomberg
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