US ALUMINIUM BILLET PRICE TRACKER
Weekly Pricing & Market Intelligence Report
1. Executive Summary
2. Weekly Price Snapshot
2.1 Weekly US Aluminium Billet Price Build Up
2.2 LME Three Month Aluminium Price
2.3 US Midwest Duty Paid Premium
2.4 Billet Conversion Upcharge
2.5 Delivered US Aluminium Billet Price Trend
3. Market Overview: Benchmark and Premium Dynamics
3.1 LME Three Month Benchmark Dynamics
3.2 US Midwest Premium Dynamics
3.3 Divergence Between LME Prices and Midwest Premium
3.4 Key Drivers of Premium Movement
3.5 Trade Policy Expectations and Market Repricing
4. US Midwest Premium and Section 232 Tariff Policy
4.1 Section 232 Tariff Restructuring
4.2 Impact of Full Customs Value Assessment
4.3 Aluminium Tariff Rates and Covered Products
4.4 Impact on US Aluminium Industry
4.5 Impact on Downstream Manufacturers
4.6 Canadian Origin Aluminium and Tariff Expectations
5. Supply Side Fundamentals and Domestic Production
5.1 US Primary Aluminium Production
5.2 Secondary Aluminium Recovery
5.3 US Import Dependence
5.4 Global Aluminium Supply Constraints
5.5 Middle East Supply Disruptions
5.6 Alumina Refining and Shipment Disruptions
5.7 Cyclone Narelle and Western Australian Refining Impact
5.8 US Domestic Smelting Capacity Expansion
5.9 Strategic Importance of Domestic Aluminium Supply
6. Company and Investor Perspective: Alcoa's Second Quarter 2026 Results
6.1 Alcoa Revenue and Aluminium Price Performance
6.2 Aluminium Segment Performance
6.3 LME Aluminium and Midwest Premium Exposure
6.4 Adjusted EBITDA Margin
6.5 Value Added Aluminium Products
6.6 US Duty Paid and Duty Unpaid Premium Exposure
6.7 South32 Asset Acquisition
6.8 Potential Impact on Future Aluminium Supply
7. Consulting Outlook: Billet Upcharges and the Onshoring Premium
7.1 Domestic Billet Supply and Upcharge Trends
7.2 Onshoring Driven Demand
7.3 US Domestic Billet Supply Constraints
7.4 Global Aluminium Supply Deficit
7.5 China Capacity Constraints
7.6 Aluminium Price Outlook Through 2026
7.7 Long Term Midwest Premium Outlook
7.8 Implications for 2026 and 2027 Supply Contracts
8. Downstream Impact and Near Term Outlook
8.1 Impact on Packaging Manufacturers
8.2 Impact on Automotive Manufacturers
8.3 Impact on Construction Sector
8.4 Impact of Fixed Term Supply Contracts
8.5 September 2026 Price Outlook
8.6 Canadian Tariff Policy as a Key Catalyst
8.7 LME Aluminium Price Outlook
8.8 Key Upside and Downside Risks
8.9 Epignosis Insights Weekly Tracking Outlook
9. Figures and Price Analytics
9.1 Delivered US Aluminium Billet Price Trend
9.2 LME Three Month Benchmark versus US Midwest Premium
9.3 Cost Composition of Delivered US Aluminium Billet Price
9.4 Week over Week Change in Delivered US Billet Price
10. Frequently Asked Questions
10.1 Current Delivered US Aluminium Billet Price
10.2 Reasons for the Late August Midwest Premium Decline
10.3 Midwest Premium Share of Delivered Billet Price
10.4 Status of Section 232 Aluminium Tariffs
10.5 Medium Term US Aluminium Billet Price Outlook
Frequently Asked Questions
What is the current delivered US aluminium billet price?
Delivered US billet priced at approximately $2.55 per pound (around $5,632 per metric tonne) for the week ending August 29, 2026, per the Epignosis Insights tracker.
Why did the Midwest premium fall sharply in late August 2026?
A proposed reduction in US tariffs on Canadian-origin aluminium pushed the September Midwest premium contract down roughly 8 percent in a single session, per Platts pricing data.
How much of the delivered billet price does the Midwest premium represent?
Through much of 2026 the duty-paid Midwest premium represented roughly a third to over 40 percent of total delivered billet cost, based on company and consulting-firm disclosures.
Are Section 232 tariffs still in effect on aluminium imports?
Yes; the 50 percent tariff on wholly aluminium articles and 25 percent on most derivatives remains in force, now assessed on full customs value following the April 6, 2026 restructuring.
What is the medium-term price outlook for US aluminium billet?
Consulting-firm forecasts point to continued structural tightness, with some projections placing Midwest premium levels above $4,000 per tonne by 2030 absent significant new domestic smelting capacity.