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The threat of Section 232 tariffs on aluminium imports from Canada into the United States has, like the great white shark following the Brody family in the universally panned film, ‘Jaws: The Revenge,’ returned – akin to a truly awful horror movie franchise.
The Materials Services trading arm of German diversified industrial group Thyssenkrupp, has teamed up with Munich-based Mantro to form a 50/50 steel scrap joint venture, MT Industry Recycling. Embattled oil trader Hin Leong accumulated $808 million of losses over the past 10 years, which were in turn hidden from banks and other financial partners through a $2.1 billion overstatement of derivatives trading profits, according to its judicial manager, PricewaterhouseCoopers.
Cobalt continued to trade around 10-month lows in the first half of the week, with sellers happy to take lower prices to keep material flowing through their books.
China’s tungsten concentrate and ammonium paratungstate (APT) prices remain largely stable in an illiquid spot market, while the export price declined on lower price levels amid persistently slow overseas demand, sources said.