Core Viewpoint - Glencore has reduced its stake in Century Aluminum by 10% to 33%, benefiting from increased profits in local aluminum smelting due to U.S. import tariffs on aluminum, resulting in several million dollars in gains [1] Group 1: Company Actions - Glencore is the largest shareholder of Century Aluminum and supplies alumina to the company while purchasing nearly all of its North American aluminum products for U.S. customers [1] - The reduction in Glencore's stake comes after the U.S. government raised aluminum import tariffs to 50% on June 4, aimed at encouraging domestic aluminum production [1] Group 2: Industry Context - Century Aluminum is the largest primary aluminum producer in the U.S., with a production of 690,000 tons of aluminum in 2024 [1] - According to Trade Data Monitor, U.S. aluminum imports are projected to be 3.94 million tons in 2024, indicating a significant market size [1] - Producers must ensure that their product prices cover the tariffs to continue shipping aluminum to the U.S. [1]

11月10日（周一），受高额关税和全球供应吃紧影响，美国现货市场上铝升水创下纪录新高。 咨询公司Harbor Aluminum表示，关税飙升还归因于美国铝库存的下降，以及人们"强烈认为"关税将是 永久性的，在特朗普于10月叫停和邻国加拿大的贸易谈判后，加拿大将不会获得任何豁免。 贸易数据监测（Trade Data Monitor）的数据显示，去年，美国自加拿大进口铝超过270万吨，占总进口 量的70%。 美国铝贸易商PerenniAL的Dmitri Ceres表示："原本对于达成协议持乐观态度的人，现在也放弃了他们 的立场。" 美国消费者在采购铝方面也面临激烈竞争。 PanmureLiberum分析师TomPrice预计，今年铝市将出现180万吨的供应缺口。 美国总统特朗普在6月4日将铝进口关税提高一倍至50%，旨在支持在美国生产铝的投资。 美国现货市场的卖家通常支付伦敦金属交易所（LME）的基准价，外加一笔升水，用于支付运费和税 费等成本。 自6月以来，美国中西部地区完税铝升水飙升，25平方毫米的铝芯电缆（AUPX25）周五触及每磅88.10 美分的纪录高位。加上每吨2,850美元的铝价，美国卖家在现货市场 ...

Core Insights - In July, U.S. primary aluminum imports decreased by 40% month-over-month, marking the first full month of President Trump's doubled import tariffs on raw aluminum [1] - The total amount of unwrought aluminum imported in July was 171,132 tons, down from 286,303 tons in June [1] - The average import volume for the first half of 2025 is projected to be 304,236 tons, with Canada accounting for 70% of total imports during this period [1] - Domestic aluminum inventories in the U.S. are reportedly decreasing at a rate of 40,000 to 80,000 tons per month, with total estimated inventories around 400,000 tons [1]

Group 1 - In July, the U.S. aluminum imports decreased by 40% month-over-month, totaling 171,132 tons compared to 286,303 tons in June, marking the first full month of increased tariffs on aluminum [1] - The U.S. maintains its aluminum tariffs at 50% despite reaching trade agreements with several countries in July [1] - The average aluminum import volume for the first half of 2025 is projected to be 304,236 tons, with Canada accounting for 70% of total imports [1] Group 2 - As of early 2025, approximately 74,900 tons of aluminum have arrived at the Port of New Orleans, with 24,900 tons through the Port of Baltimore and 35,400 tons through the Port of Los Angeles [2] - Since January 1, a total of 635,630 tons of aluminum have been received in the U.S. [2]