The U.S. International Trade Commission (USITC) issued a final affirmative determination in the ongoing anti-dumping and countervailing duty investigation of Chinese aluminum foil. Buying Aluminum in 2018? Download MetalMiner’s free annual price outlook The Department of Commerce made its own final affirmative determination Feb. 27. “The United States International Trade Commission (USITC) today determined that a […]
Before we head into the weekend, let’s take a look back at the week that was and some of the headlines here on MetalMiner: Need buying strategies for steel? Try two free months of MetalMiner’s Outlook In non-Section 232 news from the Department of Commerce, the government body issued a preliminary affirmative determination in its […]
It’s that time — our latest Monthly Metals Index (MMI) report is in, covering the second month of 2018. Momentum from the start of the year slowed considerably in this round of readings.Need buying strategies for steel? Try two free months of MetalMiner’s Outlook Four MMIs held at the same reading as the previous month (Automotive, […]
This morning in metals news, Canadian Prime Minister Justin Trudeau is confident in the ability to reach a North American Free Trade Agreement (NAFTA) deal, West Coast ports are preparing for the imposition of the Trump administration’s steel tariff, and Tokyo and Seoul are seeking exemptions from the tariffs. Need buying strategies for steel? Try […]
This morning in metals news, the Brewers Association issued a statement expressing qualms about the Trump administration’s steel and aluminum tariffs, one analyst says U.S. Steel might actually be worse off after the tariffs, and copper miners are looking to the Mongolian dunes. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook […]
This morning in metals news, Canadian Prime Minister Justin Trudeau says the Canadian steel industry can breath a sigh of relief after obtaining an exemption from the U.S.’s recently announced 25% steel tariff, the tariffs throw a wrench into India’s export plans and Reuters’ Andy Home opines on the way forward for the aluminum market […]
This morning in metals news, Australia doesn’t plan on joining the E.U. in any prospective complaints to the World Trade Organization (WTO) over U.S. tariffs, Chilean miner Codelco signs a deal for a plant in Ecuador and workers at a Peruvian zinc smelter ended their strike over the weekend. Need buying strategies for steel? Try […]
Amid the hubbub caused by President Trump’s recent Section 232 proclamation on steel and aluminum tariffs, the Department of Commerce issued an affirmative preliminary determination on Thursday in the countervailing subsidy case of forged steel fittings from China. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook The Department of Commerce ruled […]
Before we head into the weekend, let’s take a look back at the week that was and some of the headlining stories here on MetalMiner: Need buying strategies for steel? Try two free months of MetalMiner’s Outlook How did the rest of the world react to President Donald Trump’s initial announcement last week about steel […]
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The Renewables MMI (Monthly Metals Index), after a significant surge last month, sat at 100 for the second consecutive month. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook
Within this basket of metals, the Japanese steel plate price rose, as did the price of Chinese and American steel plate. U.S. steel plate, in fact, rose 5.5% month over month.
U.S. grain-oriented electrical steel (GOES) coil also jumped in price.
As for the trio of rare and minor metals in this MMI, cobalt cathodes fell 1.1%, while silicon dropped slightly and neodymium made a small gain.
Cobalt Costs
According to a report by the Financial Times, changes to the mining code in the Democratic Republic of Congo will lead to higher costs for consumers of the metal.
According to the report, President Joseph Kabila on Wednesday said he would sign a new order after meeting with representatives from some of the big miners with business in the country, including Glencore, Molybdenum and Ivanhoe Mines.
Cobalt is used in batteries for electric vehicles (EVs), among other things, making it an especially prized material as EVs gain popularity. As such, with a majority of the world’s cobalt being mined in the DRC, political machinations in the country have a significant impact on the metal’s price.
According to the Financial Times, the code could see royalties on cobalt — plus other metals, like copper and gold — rise from 2% to 10%.
Senators Lobby for Electrical Steel Protection in 232
The Journal-News reported on a trio of U.S. senators who lobbied Trump to prioritize electrical steel in the Section 232 trade remedy process.
The only remaining maker of electrical steel in the country, AK Steel, was unlikely to benefit from the Section 232 trade remedy proposal, according to Sen. Rob Portman (R-OH).
“We write you today to share our concerns that your proposed section 232 remedy is incomplete when it comes to electrical steel,” Portman and two other senators said in their letter to Trump, according to the Journal-News. “We write on behalf of a constituent company, AK Steel, which is the last domestic producer of grain-oriented electrical steel (GOES). Since the remedy, as currently constructed, does not include electrical cores and core parts, the remedy will not be effective for the domestic electrical steel market.”
In the senators’ letter, they requested the president add a trio of HTS codes to the duty order.
