August 18, 2023

• LME Aluminum 3M Select is up $1/mt, continuing on yesterday’s gains.
  • Last trade was $2,144/mt (6:45 AM CST)
  • In a decision earlier this week, the World Trade Organization (WTO) stated that China violated trade commitments due to its retaliatory tariffs against certain US-produced goods. China recently implemented these retaliatory tariffs due to the Trump-era Section 232 on US imports of Chinese aluminum and steel products. After the decision, the office of the US Trade Representative stated, "The United States is pleased with the World Trade Organization (WTO) panel report released today, recognizing that the U.S. Section 232 actions on steel and aluminum are security measures, and that the People’s Republic of China (China) illegally retaliated with sham 'safeguard' tariffs." (Sources: Reuters, Bloomberg)
• LME Copper 3M Select is down $32/mt, hovering near unchanged after yesterday’s bounce.
  • Last trade was $8,202/mt (6:45 AM CST)
  • India’s imports of refined copper are set to grow this financial year and next, according to researcher ICRA. Similarly, total consumption is expected to grow by 10% this financial year and next. The country consumed 1.25 million mt in the fiscal year that ended in March, and ANZ Group believes this will grow to 2.4 million mt by 2030. (Source: Bloomberg)
• Prompt month CME HRC Steel last settled at $810/st (6:45 AM CST).
  • The US will impose anti-dumping tariffs on imports of tin-plated steel from China, Canada, and Germany, the US Commerce Department announced on Thursday. The new tariffs would be 122.5% on tin-plated steel from China, 5.29% on imports from Canada, and 7.02% on imports from Germany. This move is meant to protect domestic steel producers but could stoke fears that prices for paint cans and similar products could rise, Reuters proclaimed. (Source: Reuters)

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Price Indications

Today's Charts

AEGIS Insights

08/16/2023: AEGIS Factor Matrices: Most important variables affecting metals prices

08/03/2023: Important US Economic Data (AEGIS Reference)

07/20/2023: Aluminum Prices Could Hinge on Chinese Stimulus

07/11/2023: Copper Prices Could Remain Subdued While African Production Grows

06/22/2023: Chinese Metals Imports Could Be the Canary in the Coal Mine for Demand

05/17/2023: Cobalt End-Users Should Hedge While Market Is Oversupplied

8/17/2023: Focus: How U.S. Steel became an acquisition target

8/17/2023: Chile's Codelco at risk of insolvency as debt grows, CESCO report says

8/17/2023: U.S. to impose tariffs on tin mill steel from Canada, China, Germany -Commerce Dept

8/16/2023: US welcomes WTO panel report on China steel, aluminum tariffs

8/16/2023: Chinese duties on U.S. imports 'inconsistent' with WTO obligations

8/16/2023: Demand headwinds mean no respite in pressure on aluminium prices

8/15/2023: China's economic woes mount as trust firm misses payments, home prices fall

8/15/2023: China's aluminium production soars in July with optimistic outlook for August

8/14/2023: China's July crude steel output eases on production curbs

8/14/2023: Esmark CEO says has money in bank account for $7.8 billion US Steel bid

8/14/2023: U.S. Steel shares jump after Esmark makes $7.8-billion offer

8/14/2023: Surpluses, low prices to remain a feature of cobalt market

8/14/2023: China's July crude steel output eases on production curbs

8/14/2023: China-based EV manufacturers cut vehicle prices

8/14/2023: US Steel rejects Cliffs' takeover bid

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