This morning in metals news, China filed a complaint at the World Trade Organization (WTO) over the U.S. steel and aluminum tariffs, the president of the China Baowu Steel Group says the tariffs would have a limited impact on Chinese exports and LME aluminum prices jumped more than 7% after the U.S. sanctions on Russian individuals and businesses.
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China Looks to WTO to Combat U.S.’s Section 232 Tariffs
China has filed a trade complaint at the WTO over the U.S.’s Section 232 steel and aluminum tariffs.
The complaint includes a Chinese request for 60 days of consultations with the U.S. over the tariffs.
Steel Group President Downplays Effect of Tariff on Chinese Exports
China Baowu Steel Group President Chen Derong said Tuesday that the U.S.’s tariff on steel would have limited effect on Chinese exports, Reuters reported.
Aluminum Prices Get a Boost
Aluminum prices rose on the heels of the recently announced U.S. sanctions of Russian oligarchs and business, MarketWatch reported.
Russian aluminum giant Rusal was among the targets of the sanctions.
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LME aluminum jumped from $1,966/mt on Friday to $2,112/mt on Monday, a 7.4% increase.