The return of Section 232 tariffs on imports of Canadian aluminium has made European market participants nervous of excess stock arriving from Canada, which could pressure premiums, Fastmarkets heard on Friday August 7.
United States President Donald Trump announced on Thursday August 6 that the US will reintroduce Section 232 tariffs on imports of non-alloyed unwrought aluminium from Canada - set to take effect from August 16
Trump said that
reintroducing the tariffs was "absolutely necessary to defend" the US aluminium industry.
"It's all eyes on that situation really and trying to work out what's going to happen and what view to take. Realistically you would expect more material in
Europe, which could push premiums back down," a European trader said.
Material from Canada has already been arriving in Europe over the past few months, with shipments being widely offered to the market, sources said.
"People have already been...