This Morning in Metals: Trump backs off from steel, aluminum tariffs on Brazil
This morning in metals news, President Donald Trump won’t go through with a previous tariff threat on Brazilian steel and aluminum, Chinese stainless steel production growth is forecast to drop in 2020, and a power outage impact Norsk Hydro operations last week.
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U.S. backs off tariff threat
After President Trump met with Brazilian President Jair Bolsonaro last Friday, Trump agreed not to follow through on a previous threat to impose steel and aluminum tariffs on Brazilian exports, the Wall Street Journal reported.
The news comes less than a month after the initial threat, which would have reversed an exemption granted to Brazil (and Argentina) when the Trump administration initially imposed Section 232 steel and aluminum tariffs in March 2018.
Chinese stainless production growth to drop in 2020
China’s stainless steel production growth is forecast to drop in 2020, according to the Hellenic Shipping News.
Growth is expected to hit 5% next year, down from 11% this year.
Norsk Hydro hit with power outages
Norway’s Norsk Hydro saw power outages impact its operations at Alunorte and Paragominas last week.
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“On December 18, a transmission tower overturned, ceasing power supply to Hydro’s Paragominas bauxite mine in Brazil, temporarily halting the production at the mine,” Norsk Hydro said. “Regular power supply to Paragominas is expected to resume within 5-10 days.”
The firm said capacity at the Alunorte alumina refinery will be temporarily reduced to 50-70% in order to extend the life of bauxite inventories there.
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