Mexico is negotiating to cut or eliminate the 50% US Section 232 tariffs on aluminum from Mexico, a positive for aluminum trade.
Impact on assets 2
Others▲ · 2 stocks
⛏Aluminum (CME)
ALUMINUM
▲ PositiveTariffrelevance
⛏US HRC Steel
STEEL
▲ PositiveTariffrelevance
Mexico is pressing the US to reduce or eliminate the 50% Section 232 tariffs on steel from Mexico, which would support US HRC steel trade flows.
Theme Impact 1
Off-coverage companies
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HomePro Partners with Tata Tiscon to Sell Low-Carbon Steel Bars at MegaHome Nationwide
Home Product Center Public Company Limited, or HMPRO, has announced a partnership with Tata Tiscon to bring EF steel bars, a low-carbon steel bar produced using electric arc furnace technology from 100% recycled scrap steel, to MegaHome stores nationwide. Part of the scrap steel comes from HomePro customers' electrical appliances through the Trade Old for a New World program. Mr. Theerapong Samphan, Assistant Managing Director of the Construction Procurement Group at HomePro, said that offering EF steel bars this time helps technicians, contractors, and consumers access low-carbon construction materials more easily at an affordable price. Mr. Chaichalerm Bunyanuwat, Senior Assistant Managing Director of Marketing and Sales at Tata Steel (Thailand) Public Company Limited, said the project shows that the circular economy can truly happen in everyday life, when scrap metal from products consumers no longer use returns to the production process through Tata Steel Thailand's EAF technology and is turned back into standard-quality steel bars sold again through MegaHome. Using one ton of steel bars produced with an EAF furnace reduces carbon dioxide emissions by the equivalent of planting more than 180 trees, and cuts carbon dioxide emissions by about three to four times compared with the BF-BOF steelmaking process. The products carry verifiable environmental information, including EPD, CFP, and the Green Label. Tata Tiscon's product range also includes SD50 high-strength steel bars, which help reduce the amount of reinforcement steel used by up to 20%, and CUT & BEND prefabricated cut-and-bent steel, which helps reduce steel waste at job sites by 10-15%. Tata Tiscon EF steel bars are available today at MegaHome stores nationwide.
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Climate Adaptation & Water › Waste Management & Circular Economy ▲Supply
Critical Materials & Supply Chain › Primary Steel & Aluminum Smelting ▲Supply
REBAR · Demand · Positive Tata Tiscon steel bars, including rebar-type products, are being sold through MegaHome nationwide, expanding retail demand for steel bars.
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Algoma Steel Guides for 65% Drop in Q3 Shipments After Turbine Outage
Algoma Steel warned it expects Q3 steel shipments of roughly 145K tons, down from more than 419K tons a year earlier, after a turbine outage at its Lake Superior Power generating facility in Ontario constrained production. The Canadian producer guided for adjusted EBITDA of negative $10M to negative $20M, a figure that includes a $50M-$55M benefit from an expected capacity utilization adjustment. The turbine has since been replaced and is operating at full power, the company said. CFO Michael Moraca said the outage temporarily constrained electric arc furnace production and was expected to affect shipment volumes, adding that third-quarter results reflect those impacts, including lower shipment volumes and a less favorable sales mix. Shares fell 2.4% post-market Thursday following the guidance.
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Critical Materials & Supply Chain › Primary Steel & Aluminum Smelting ▼Supply
Critical Materials & Supply Chain › Bulk & Structural Metals (Reshoring) ▼Supply
ASTL · Supply · Negative Turbine outage at its Lake Superior Power facility constrained electric arc furnace production, cutting Q3 shipments to ~145K tons from 419K and guiding to negative EBITDA.
BofA Raises Copper Forecast 20% to $12,000, Names Top Mining Picks
BofA Securities raised its long-term copper price forecast by 20% to $12,000 per ton for 2026 and updated its mining sector rankings, upgrading BHP to Buy with a price objective of A$68 and naming the world's largest copper producer its top pick among large-cap mining stocks. Glencore was rated Buy with a price objective of GBp650, with BofA highlighting its copper growth options and monitoring a potential Australian listing for the diversified miner. Norsk Hydro received a Buy rating with a price objective of NOK98, which BofA described as offering interesting risk-reward characteristics for the pure-play aluminum company. Antofagasta maintained its Buy rating with a price objective of GBp4700, with the bank noting roughly 30% volume growth potential. BofA also trimmed its 2027 aluminum forecast by 5% to $3,625 per ton, and cautioned that investors should be prepared for potential drawdowns of 10% to 20%, noting that during China's super cycle from 2002 to 2008 markets experienced multiple corrections despite overall upward trends.
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Critical Materials & Supply Chain › Copper Mining & Concentrate ▲Pricing
Critical Materials & Supply Chain › Copper ▲Pricing
Critical Materials & Supply Chain › Iron Ore, Bauxite & Metallurgical Inputs Pricing
BHP.LSE · Capital · Positive BofA upgraded BHP to Buy with an A$68 price objective and named it top pick among large-cap miners.
0Q11.LSE · Capital · Positive BofA initiated a Buy rating on Norsk Hydro with a NOK98 price objective, citing attractive risk-reward for the pure-play aluminum company.
ANTO.LSE · Capital · Positive BofA maintained its Buy rating on Antofagasta with a GBp4700 price objective, noting roughly 30% volume growth potential.
GLEN.LSE · Capital · Positive BofA rated Glencore Buy with a GBp650 price objective, highlighting its copper growth options.
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Oceanic Iron Ore Corp. Begins Trading on OTCQX Best Market
Oceanic Iron Ore Corp. has qualified to trade on the OTCQX Best Market, upgrading from the Pink Limited Market and beginning trading today under the symbol FEOVF. The mineral resource company, which is also listed on the TSX-V under the symbol FEO, is focused on developing its Ungava Bay iron ore properties in Nunavik, Québec, comprising three project areas — Hopes Advance, Morgan Lake and Roberts Lake — with the lead asset being Hopes Advance. The three properties cover over 300 kilometres of iron formation and are located within 20 to 50 km of tidewater. OTC Markets Group Inc., which operates regulated markets for trading 12,000 U.S. and international securities, said upgrading to OTCQX is an important step for companies seeking to provide transparent trading for their U.S. investors, and that qualifying companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws. Trading in non-U.S. North American securities on OTC Markets reached $23.4 billion in the second quarter of 2026, an 88.25% increase over Q2 2025, while OTC Markets recorded $453.34 billion in total dollar volume in the first half of the year, with Canada ranking among the top home markets by trading volume during the quarter.
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Critical Materials & Supply Chain › Iron Ore, Bauxite & Metallurgical Inputs ▲Capital
Oceanic Iron Ore Corp. · Regulation · Positive Oceanic Iron Ore qualified to upgrade from Pink Limited to the OTCQX Best Market, improving U.S. trading transparency
OTC Markets Group Inc · Demand · Positive OTC Markets Group operates the OTCQX market where Oceanic Iron Ore begins trading, and its OTC trading volumes surged 88.25% in Q2 2026
ATI Raises 2026 Adjusted Free Cash Flow Guidance to US$550–US$600 Million
ATI Inc. has raised its adjusted free cash flow guidance for 2026 to US$550–US$600 million, citing higher adjusted EBITDA and stronger operating performance. The company attributed the increase to robust aerospace and defense demand, pricing gains, and targeted investments. The higher outlook points to improved cash conversion, ongoing buybacks, and a more flexible balance sheet, while also raising the stakes on execution against higher EBITDA and operating performance targets. Five Simply Wall St community fair value estimates for ATI span roughly US$165.85 to US$275.
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Defense & Geopolitical Fragmentation › Defense Industrial Base — Strategic Materials & Components ▲Demand
Critical Materials & Supply Chain › Bulk & Structural Metals (Reshoring) Demand
Defense & Geopolitical Fragmentation › Sovereign Supply — Minerals & Reshoring Industrials ▲Demand
ATI · Capital · Positive ATI raised its 2026 adjusted free cash flow guidance to $550–$600M on higher adjusted EBITDA and stronger operating performance.
ATI · Demand · Positive The raised outlook is attributed to robust aerospace and defense demand for ATI's products.
2
Rio Tinto secures Bell Bay Aluminium operations through 2031
Rio Tinto, the Tasmanian government, and the Australian Government have reached an agreement to secure the ongoing operation of Bell Bay Aluminium in northern Tasmania through to the end of 2031. Under the arrangements, Hydro Tasmania will continue supplying electricity to Bell Bay Aluminium until 31 December 2031, while the Australian and Tasmanian Governments will provide additional support to continue operations as Tasmania's energy system evolves. That additional support is intended to help maintain Bell Bay Aluminium's international competitiveness and its ongoing contribution to the Tasmanian economy. Rio Tinto Aluminium & Lithium CEO Jérôme Pécresse said the agreements will provide Bell Bay Aluminium with an operating pathway through to 2031, and increased certainty for the company's people, suppliers and the northern Tasmanian community.
About megatrends
Critical Materials & Supply Chain › Bulk & Structural Metals (Reshoring) Regulation
Critical Materials & Supply Chain › Iron Ore, Bauxite & Metallurgical Inputs Regulation
RIO.LSE · Regulation · Positive Rio Tinto secures government-backed agreement keeping Bell Bay Aluminium operating through 2031, providing certainty for its Tasmanian smelting operations.
Hydro Tasmania · Demand · Positive Hydro Tasmania will continue supplying electricity to Bell Bay Aluminium until end-2031, locking in a long-term power customer.