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The LME aluminium price dipped 0.61% during early Asian trading on Monday February 19, reversing gains seen last Friday.
Check Metal Bulletin’s live futures report here.
China’s Ministry of Commerce (MOC) has called the findings of the United States’ Section 232 investigations “baseless” and warned that it will take “necessary measures to safeguard its rights” should the final decision on aluminium and steel import tariffs affect China’s interests.
Some US secondary aluminium scrap prices have continued to march higher, while pockets of supply tightness left some consumers in a squeeze.
Prices in the global steel billet market were mostly trending upward last week amid enlivened demand at some destinations as well as increased scrap prices.
The US aluminium industry is grappling with the US Commerce Department’s recommendations – confirmed by Secretary Wilbur Ross – for President Donald Trump on the Section 232 probe, with that uncertainty translating to jumps in prices and premiums.
Commerce Secretary Wilbur Ross said stiff Section 232 penalties aimed at limiting steel imports won’t drive up prices or hurt employment for big steel users such as automakers.