Midwest premiums: Falling Canadian imports are telling

Midwest premiums soared in 2025 but that has not sufficiently mobilized importers to direct more metal to the US. But the latest data from the US International Trade Administration’s Aluminum Import Monitor can help explain the raging premium.

In March, as Section 232 was being cranked up to 25% from its 10% levels, Canadian imports were 250,096 metric tons. Fast forward to December, with 50% tariffs in force, and Canadian imports were 142,756. That’s 56% of the March run rate.