Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner, including the Biden administration reimposing a tariff on aluminum from the UAE, copper demand and much more.
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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 Former President Donald Trump had rescinded the tariff on his last day in office.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.