Market participants avoided sending aluminium to the United States in June despite a widening arbitrage between Southeast Asian warehouses and the US Midwest, with uncertainty about tariffs continuing to limit risk appetite.
US President Donald Trump removed on May 17 this year the 10% tariff on aluminium imports for Canada and Mexico that he had initially implemented in March 2018. Market participants are hesitant to be stuck with more metal in transit in the event that his administration removes further tariffs."The risk appetite in the US is wafer thin," one market participant said.In an industry event in Chicago in June, most market participants told Fastmarkets the duty situation in the US remains volatile and...