This Morning in Metals: Steel Scrap Still a Bargain
This morning in metals news, steel scrap is competitive despite tariffs, Century Aluminum is one example of a company boosted by the Trump administration’s tariffs and China retaliates against the U.S.’s latest round of tariffs.
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Steel Scrap Still Competitive
According to an S&P Global Platts report, despite tariffs and volatility in the world’s top steel scrap consumer (Turkey), steel scrap remains competitive.
Per the report, the ratio between ferrous scrap and iron ore prices is at its lowest in half a year.
Tariff Boost
The New York Times profiled Kentucky aluminum smelter Century Aluminum and how it has benefited from the Trump administration’s tariff on aluminum.
As the report notes, Century Aluminum is planning to invest $150 million to double its output, adding 275 jobs in the process.
China Responds to U.S. Tariffs
The latest round of U.S. tariffs on Chinese goods, amounting to $16 billion, went into effect today.
Unsurprisingly, China responded in kind with $16 billion in tariffs on U.S. goods.
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According to a Politico report, China’s list features 333 tariff lines, including large passenger cars, motorcycles and baby carriages.
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