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Did US tariffs cut America's reliance on Canadian aluminium? The numbers tell a different story
30 Jun 20269MINS
Primary AL
Washington's tariff strategy aimed to revive domestic aluminium production and reduce reliance on Canadian imports. A year later, the numbers tell a more nuanced story — one where prices moved faster than production, diversification outpaced displacement, and one of the world's most integrated aluminium supply chains proved far more resilient than expected. More than 2.9 million tonnes of aluminium left Canadian ports for global markets in 2025. Of that, roughly 2.3 million tonnes were shippe ...
Primary vs. Secondary Aluminium: Your scrap is worth more than your smelter
25 Jun 202610MINS
Recycled AL
How scrap leakage, CBAM tariffs, and impurity science are redrawing the economics of aluminium EXECUTIVE SUMMARY: The margin threat: Aluminium scrap prices have surged to over 90 per cent of the LME primary ingot price, wiping out traditional arbitrage and forcing a total procurement reset. The CBAM reality: Secondary post-consumer scrap carries a zero upstream carbon burden, bypassing the incoming €75.36 per tonne European border taxes that will cripple high-carbon primary imports. The ...

23 Jun 20267MINS
SupplementAL
Has the Strait of Hormuz really reopened? The answer depends on whom you ask. Following the preliminary agreement between Washington and Tehran on June 17, markets initially welcomed the prospect of the Strait of Hormuz returning to normal operations and global energy supplies flowing without disruption. The easing of immediate geopolitical tensions prompted traders to unwind much of the risk premium that had accumulated during the conflict, triggering a sharp correction across oil and alumini ...
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