Canada turns from U.S. to Europe as Iran war propels aluminum higher - BNN Bloomberg
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Article Excerpt
LONDON, May 27 - Canada is pushing more of its aluminum towards Europe to make the most of higher premiums on offer, after its neighbor the United States imposed a 50 per cent tariff on the metal last year.
A loss of Middle East volumes due to the Iran war has hit Europe hardest and intensified competition with the U.S. for low-carbon supply, driving prices to extreme levels, with policy and prices determining where scarce aluminum is shipped, analysts, traders and aluminum industry sources said.
Disruption in the Middle East, which accounts for nine per cent of global aluminum smelting capa…
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