The U.S. Midwest premium for physical aluminum stands at $1.09 per lb, or $2,403 per metric ton, and may not fall significantly even if Washington halves the 50% tariff on Canadian metal, Alcoa Chief Financial Officer Molly Beerman said. The premium has eased from a record $1.19 in June, but the U.S. still needs about 4 million tons of imported aluminum annually while Canada can supply only 3 million. Relief for suppliers including Japan, South Korea or Europe could cover the remaining 1 million tons and push the premium lower. Alcoa produces around 900,000 tons annually in Canada, pays more than $1 billion in tariffs to bring most of that material into the U.S., and says the Midwest premium currently offsets those costs and adds margin. With supplies from the war-hit Middle East constrained, Alcoa's order book is almost completely sold out for the rest of 2026.