Canada turns from US to Europe as Iran war propels aluminium higher
Canada is shifting its aluminium exports from the U.S. to Europe due to increased premiums and tariffs imposed by the U.S. The ongoing Iran war has disrupted aluminium supply chains, particularly affecting Europe. As a result, Canadian producers are capitalizing on higher prices in Europe while U.S. imports decline.
- ▪Canada is diverting aluminium exports to Europe after the U.S. imposed a 50% tariff on the metal.
- ▪European aluminium premiums surged 73% since the start of the Iran war, reaching a record $621 per metric ton.
- ▪Canadian aluminium exports to the U.S. dropped from 63% to 54% in the first quarter of this year.
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Canada turns from US to Europe as Iran war propels aluminium higherSign up now: Get ST's newsletters delivered to your inboxA worker cleans impurities from an aluminium furnace at the Renault factory in Cleon, Western France, July 20, 2015. The Renault plant constructs the R240 electrical car engine, with an autonomy of 240 kilometres, for its Zoe line of automobiles. The plant has a current production capacity of 50,000 engines that can be increased to 100,000 units. Picture taken July 20, 2015.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Straits Times — World.