ING’s commodities team says a partial rollback of US aluminium tariffs is unlikely to change market conditions. The 50% levy on primary aluminium remains, with limited US smelting capacity and continued reliance on Canadian supply. The changes being discussed are said to focus on derivative products rather than primary aluminium. ING says this would leave the Midwest premium elevated after last year’s tariff increase. ING reports that tariffs have already altered US trade flows, moving primary metal away from the US and increasing scrap inflows. It also notes that some Canadian aluminium has been diverted to Europe. ... (full story)