This morning in metals news, the U.S. and China’s trade negotiations march on, China’s Tewoo Group sells copper at below market value and a U.S. aluminum executive says tariffs aren’t the answer.
Work to Do
After the latest round of trade talks between U.S. and China late last week, there remains “significant work” on the road to a deal, Reuters quoted the U.S. Trade Representative as saying in a statement.
Meanwhile, Chinese state media hailed “new progress” in the talks.
Tewoo Group Sells Copper at Less than Market Value
According to a Bloomberg report, Chinese commodity trader Tewoo Group is selling copper at less than market value.
Per the report, the trader sold some copper to other trading houses at a premium of $10 per ton, compared with the $54 per ton premium in Yangshan.
Aluminum Executive Pans Tariffs
Lee McCarter, CEO of JW Aluminum, thinks tariffs are not the answer to the domestic industry’s challenges.
According to a report in The Post and Courier, McCarter called for an end to the tariffs and for the U.S. not to simply replace tariffs on Canadian and Mexican steel and aluminum with quotas.