The market for low-carbon metals is maturing unevenly. Aluminium has an established premium for low-emission material, driven by hydropower supply from Canada, Iceland, and New Zealand. Copper is still early, with low-carbon cathode trades mostly in Europe and often above USD 100 per tonne over conventional copper. Buyers want verified emissions data, not just claims, and supply security still decides many deals. CBAM adds another layer for aluminium in the EU because it focuses on Scope 1 emissions, while aluminium's footprint is largely from electricity use. That means even genuinely low-carbon aluminium can face CBAM costs on top of market premiums. The real test is whether enough industrial buyers will pay for verified emissions reductions across both metals as electrification and data centre demand grow.
