US aluminium premiums hit record levels after tariffs take effect

Premiums for consumers buying aluminium on the physical market in the United States hit a record 60 cents a lb or $1,323 a metric ton on Thursday after U.S. President Donald Trump imposed higher tariffs on U.S. imports of the metal.

The tariffs doubled to 50% on Wednesday.

The U.S. Midwest duty-paid premium has gained nearly 190% since Trump was elected in November for his second term as president.

U.S. consumers buying aluminium on the physical market usually pay the London Metal Exchange (LME) benchmark price plus a premium to cover costs including freight and taxes.

The U.S. is heavily reliant on aluminium imports, with the vast majority from Canada.