Final Thoughts
July 18, 2025
Written by Nicholas Bell
Alcoa’s second quarter earnings showcase the first full three-month period of the drastically changed tariff landscape.
Despite an annual 5% increase in primary aluminum production to 572 million tons, shipments dropped by 6% to 634 million tons over the same period. The divergence may be an aspect of the reallocated metal staged for non-traditional customers, or it could simply be a demand story.
The shipment was part of an offtake agreement between private investment group Heeney Capital, Mercuria Energy Group and the Venezuelan government.
Stellantis’ Etobicoke Casting Plant faces uncertain production commitments and potential operational disruption as Unifor prepares strike authorization votes.
Commercial vehicle orders have surged in 2026, but policy-driven timing may be making the market look stronger than current production and supplier sales.
The Midwest premium could slip if Canada reroutes primary back to the US. But the balance in supply would still be coming from other countries, likely the Persian Gulf.
Canada and the EU. Russian sanctions. China talks.
