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This morning in metals news: CEOs across the aluminum industry supply chain sent a letter to United States Trade Representative Robert Lighthizer to voice their opinion about a potential reimposition of aluminum tariffs on aluminum from Canada and Mexico; the International Aluminum Institute recently released global production figures for May; and the Energy Information Administration said U.S. oil and natural gas production hit record highs last year.
At the behest of the American Primary Aluminum Association (APAA), U.S. Trade Representative Robert Lighthizer has been encouraged to push the Trump administration to rule this week against Canada’s duty-free status for primary aluminum into the U.S. market.
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This morning in metals news, the U.S. is reportedly considering reimposing tariffs on Canadian aluminum, U.S. liquefied natural gas (LNG) exports have plunged and global copper mine production ticked up 0.5% in Q1 2020.
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This morning in metals news: Vale has announced a plan to resume operations at the Voisey’s Bay mine in Canada; U.S. imports of blooms, billets and slabs have surged in recent months; and Hindalco plans to sell a majority of its output outside of India this year.
As we predicted last week, the LME to SHFE arbitrage window has closed.
Investors were unlikely to leave that open for long and the resulting inflow of half a million tons of aluminum in May no doubt contributed to a narrowing of the delta.
Aluminum prices have been on an upward trend the last week or two, currently holding comfortably above $1,500 per ton for spot cash after months in the $1,400s.
The market, though, is undergoing convulsions.
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This morning in metals news, aluminum maker Norsk Hydro recently announced the formation of a joint venture that will aim to recycle electric vehicle batteries, the Aluminum Association reiterated its stance on the need for an aluminum import monitoring system and a Dutch bank says gold prices are expected to drop.
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At least as far as aluminum is concerned, the president’s tariff strategy is in tatters, a recent Reuters article suggests.
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Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner, including coverage of: a potential copper find in Cornwall; the automotive sector’s struggles; falling oil prices; rising aluminum production and much more.
