Week in Review: Biden administration reimposes UAE tariff; copper demand; stainless steel price hikes

Week of Feb. 8-12 (Biden administration reinstates UAE aluminum tariff, copper demand and more)

• The Biden administration reimposed the Section 232 tariff on aluminum imported from the UAE. Former President Donald Trump had rescinded the tariff on his last day in office.
• The Energy Information Administration forecast the US share of electricity generation from renewables will double by 2050.
• Copper demand is likely to remain robust well into 2021.
• Meanwhile, tin prices have proved resilient, even as most other base metals have cooled of late.
• Last week, the US steel sector’s capacity utilization rate dipped to 75.2%.
• German automaker Daimler intends to spin off its truck business.
• Comments from Qatar’s energy minister indicate price volatility is ahead for liquefied natural gas.
• China is mulling stricter regulations on its rare earths sector.
• US steel shipments in December rose by 4.4%, the American Iron and Steel Institute reported.
• The Silver Institute forecast silver demand to rise by 11% in 2021.
• The Coalition of American Metal Manufacturers and Users called on President Joe Biden to rescind the Section 232 tariffs imposed by Trump.
• Chinese steel prices cooled ahead of the Lunar New Year celebrations.
• Stainless steel producers announced price increases for February deliveries.
• Meanwhile, General Motors extended downtimes at three facilities on account of semiconductor shortages.
• Lastly, Glencore recently released its 2020 production results.

Stop obsessing about the actual forecasted aluminum price. It’s more important to spot the trend.