This morning in metals news, the U.S. is reportedly considering reimposing tariffs on Canadian aluminum, U.S. liquefied natural gas (LNG) exports have plunged and global copper mine production ticked up 0.5% in Q1 2020.
U.S. could bring back Canadian aluminum tariffs
After rolling out blanket steel and aluminum tariffs via Section 232 in 2018, the U.S. in 2019 rescinded those tariffs for steel and aluminum coming from Canada and Mexico.
Looking for metal price forecasting and data analysis in one easy-to-use platform? Inquire about MetalMiner Insights today!
However, according to a Bloomberg report, the U.S. is considering reimposing tariffs on Canadian aluminum and could make an announcement on the issue by the end of this week.
LNG exports plummet
The U.S.’s exports of LNG have fallen by more than half so far in 2020, the Energy Information Administration reported.
“Daily natural gas deliveries to U.S. facilities that produce liquefied natural gas (LNG) for export were a record 9.8 billion cubic feet per day (Bcf/d) in late March 2020, but deliveries fell to less than 4.0 Bcf/d in June, according to data by IHS Markit,” the EIA reported. “A mild winter and COVID-19 mitigation efforts have led to declining global natural gas demand and high natural gas storage inventories in Europe and Asia, reducing the need for LNG imports.”
Copper mine production up slightly
Global copper mine production in Q1 2020 rose 0.5% year over year, the International Copper Study Group reported.
Improve metal purchase timing and mitigate price risk — trial MetalMiner’s monthly metal buying outlook
Refined copper production in Q1, meanwhile, was flat.