Our latest round of Monthly Metal Index (MMI) reports is in, snapshotting what was a particularly busy month in the world of metals.
Last month, the Trump administration enacted Section 232 tariffs on steel and aluminum imports, which had been a topic of intense scrutiny dating back to April 2017, when the Section 232 probes were first launched. Some countries have negotiated exemptions to the tariffs, while other allies, like Japan, are seeking to negotiate exemptions of their own.
A few high points from this month’s round of MMIs:
- March was a strong month for U.S. auto sales, which rose 6.3% year over year.
- Copper has been dropping of late, falling off after a big surge to close 2017. LME copper fell 2.5% month over month.
- Likewise, aluminum has also lost momentum. LME aluminum posted an even larger percentage decline than copper, falling 5.8% month over month.
- In the Renewables MMI, U.S. steel plate and cobalt had big months, jumping 13.6% and 10.6%, respectively.
- LME nickel prices also fell, albeit by less than aluminum and copper. Stainless steel surcharges, meanwhile, rose again.
Read about all of the above and much more by downloading the April MMI report below.