This Morning in Metals: Trump Calls for ‘Smart Trade’ in Tweet on Steel, Aluminum

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This morning in metals, the president tweets about steel and aluminum (current Section 232 probes under his consideration), Apple’s move on cobalt and China plans to crack down on aluminum price speculation.

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Trump Tweets About Steel, Aluminum; Announcement Possibly Coming Today

According to the Washington Post, during a planned announcement today the president could announce plans for steel and aluminum trade action.

This morning, the president tweeted on the subject, writing:

According to the Washington Post report, there is a chance the announcement might still be postponed.

Apple and Cobalt

Last week, Apple announced it would be seeking to buy cobalt — coveted for its application in things like electric car batteries and cellphones, among other things — directly from miners, as Bloomberg reported.

According to the report, Apple is looking to buy several thousand metrics tons of cobalt for five years or more.

China Targets Excessive Nonferrous Metals Speculation

China’s Ministry of Industry and Information Technology MIIT is looking to crack down on excessive speculation in nonferrous metals, like aluminum, according to a Reuters report.

MetalMiner’s Annual Outlook provides 2018 buying strategies for carbon steel

According to the report, the MIIT plans to work nonferrous metals associations and other departments to tamp down speculation.

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