Foreign aluminum producers get rid of US tariffs UU
Foreign aluminum producers get rid of US tariffs UU
When President Trump placed the tariffs on imported aluminum last spring in an effort to protect American producers, his European rivals thought that their profits in the US UU They would be under pressure.
But months later, the European aluminum companies still have to feel a lot of pain. Imports have long represented the majority of the raw aluminum consumed in the United States. UU., 61% in 2017, according to the US Geological Survey. UU., And the rate does not seem to have affected that business.
The one in Norway
Norsk Hydro
AS
A, one of the world's largest producers of aluminum, with an operating income in the United States of 13,200 million Norwegian crowns ($ 1,600 million) last year, said that foreign producers in general have been able to transfer the tariff to their US customers. .
Norsk Hydro has not seen much impact of the tariff, said spokesman Halvor Molland. "We are earning the same money we did before."
"German companies tell us that rates do not bother them at this time," said Christian Wellner, executive board member of the German Association of Aluminum Companies GDA.
Some producers, such as Alimex GmbH, a manufacturer of cast aluminum products based in Germany, are reporting an increase in sales in the US. UU The reason, according to Alimex: many of its rivals in the USA. UU They used the tariffs to increase the prices, and the companies that do not belong to the EE. UU They have followed suit, sometimes more than offsetting the 10% tax set by the US government. UU
The aluminum market in the United States remains strong
The high delivery charge in the United States helps offset the decline in the reference price of aluminum.
Price of aluminum, one metric ton.
"Trump has managed to increase the level of prices in the US At the local level, and that in the middle of the growing demand, we have managed to increase prices beyond 10%. [levy] for some special products, "said Philip Grothe, executive director of Alimex, which reported global sales totaling € 60 million ($ 68.5 million) last year.
Worldwide, base aluminum prices fell by around 7% from the previous year and fell by 24% from a recent high in April, according to the reference price of the London Metal Exchange, since the Chinese production feeds a global excess. But the regional delivery charge associated with that base price for specific market expenses has more than doubled in the United States from a year ago to around $ 433 per metric ton, offsetting the decrease in the base price.
The delivery charge reflects not only the tariff, but also the delivery costs, the growing demand from the US manufacturers. UU And unexpected market shocks, such as the trade sanctions of the Trump administration this spring against the
United Rusal
Co.
0486 -0.50%
, the second largest producer of aluminum in the world.
The US delivery premium UU It is usually among the highest in the world, according to S & P Global Platts. The high premium, which acts as a magnet for aluminum manufactured abroad, has weakened only modestly since the beginning of this spring when the United States tariff was enacted.
Crude aluminum imports fell 14% from January to the end of August, according to the government of the United States. Domestic production increased 13% in the year to September, according to the Aluminum Association, a United States trade group. But the national production of 740,800 metric tons last year compared with the total imports of 4.9 million metric tons, so the gap remains significant. The United States accounts for 9% of global consumption of raw aluminum, but only 1% of production.
An operator prepares to lift an aluminum coil with a hoist at a production plant in eastern France operated by Constellium. The Dutch firm has said that its products remain attractive to US customers despite the higher prices.
Photo:
Vincent Kessler / Reuters
"So far, it has been surprisingly smooth to navigate for people who export to the United States," said Dave Ernsberger, co-director of content at S & P Global Platts. "US, production is likely to increase, but the base is small, and the United States continues to import the vast majority of its aluminum."
Constellium NV, a Dutch aluminum company with manufacturing sites mainly in Europe and North America, said its products remain attractive to US customers. UU Despite the higher prices.
"We expect it to be neutral with respect to the network when we substantially pass on to our customers," said Constellium CEO Jean-Marc Germain. The US tariff does not address the problem of Chinese aluminum overcapacity and unfair prices, he said, and makes aluminum companies in the United States less competitive worldwide.
The total volume of aluminum products exported from the EU to the United States increased by 8% to 353 kilotons in 2017, representing an approximate value of € 1.2 billion, according to Eurostat. Initial statistics for this year showed that EU exports to the United States declined somewhat in the second quarter, after a slight increase in the previous quarter, before tariffs increased.
Last year, about 82,000 tons of aluminum products manufactured in Germany were exported to the US. UU., Which represents only 2% of the total German production. According to GDA, these aluminum products are of higher quality than those produced in the USA. UU., Which has forced processors to swallow the price increases caused by tariffs.
Profits for US aluminum manufacturers have increased since taxes came into effect in March, but one of the reasons why rates have not substantially boosted EE production. UU It is the high cost of electricity, which makes the opening of new lines or the restart of unprofitable foundries. Both of them
Y
Alcoa
Corp.
recently decided not to restart more production after activating some smelting lines in the spring and summer.
However, higher aluminum prices have encouraged foreign groups to expand their own capacity in the United States, bringing investments and jobs. Germany's Alimex, for example, is now accelerating an investment of 4.5 million euros in the US. UU "This means more competition for the local industry because now we will be much closer to our customers," said Grothe.
Aluminum users have been the main victims of tariffs. Alcoa Chief Executive Roy Harvey warned earlier this month that rising costs could encourage more buyers to look elsewhere, even companies that melt excess aluminum for reuse.
"Metal in the United States is now more expensive than in the rest of the world," Harvey said. "It starts to be even more attractive to use scrap metal."
-David Hodari and Scott Patterson contributed to this article.
Write to Andrea Thomas in andrea.thomas@wsj.com and Bob Tita in robert.tita@wsj.com
.
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