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.
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:
Our Steel and Aluminum industries (and many others) have been decimated by decades of unfair trade and bad policy with countries from around the world. We must not let our country, companies and workers be taken advantage of any longer. We want free, fair and SMART TRADE!
— Donald J. Trump (@realDonaldTrump) March 1, 2018
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.
According to the report, the MIIT plans to work nonferrous metals associations and other departments to tamp down speculation.