This Morning in Metals: Tariff Exemption Deadline at Midnight for E.U., Others

Tariff Exemption Expiration Approaches

Several countries negotiated temporary exemptions from the Trump administration’s Section 232 tariffs on steel and aluminum (imposed last month). Canada, Mexico, Argentina, Australia, Brazil and the E.U. won temporary exemptions. South Korea also won a temporary exemption, which eventually became a long-term exemption after the progression of talks on the U.S.-Korea Free Trade Agreement (KORUS).
The key term there is “short term” — the deadline for the expiration of that exemption falls at midnight tonight.
Naturally, the E.U. and others are scrambling to win long-term exemptions before the tariffs hit their metal exports.
“For the time being our priority is the ongoing high-level dialogue to secure a permanent exemption,” said Cecilia Malmstrom, the E.U. trade commissioner, as quoted by the BBC.

AK Steel Stock Rises

After AK Steel reported better-than-expected Q1 financials, its stock jumped 2.3%, according to a MarketWatch report.
According to the report, the company expects market conditions to strengthen in Q2.

Copper, Aluminum Up

LME copper and aluminum rose on Monday, Reuters reported, as the U.S. dollar fell back from a recent three-month high.
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Despite light trade Monday, according to the report, LME copper rose 0.4%, while aluminum was up 0.1%.