As of March 23, it has been a full year since US President Donald Trump’s administration imposed tariffs against imported steel and aluminium under Section 232 of the Trade Expansion Act of 1962, which allows the president to place restrictions on imports on national security grounds. On the first anniversary of the Section 232 duties, Fastmarkets AMM takes a look at the results of the program, its impact on the US and global economy, and its legal implications.
A conflict between Norwegian aluminium group Norsk Hydro and the Brazilian federal prosecutors’ office, MPF, could put the company’s bauxite production in the Northern state of Pará at risk. MPF is claiming Mineração Paragominas’ operational license for an ore pipeline and a power transmission line expired in 2014. This would mean the bauxite producer is illegally operating the assets, according to a statement issued on Tuesday March 19.
The Industrial and Commercial Bank of China (ICBC) has revised its base metals price forecasts lower across the board for 2019 in its latest base metals outlook report, specifying global recession fears and a rising macro-financial tide in its adjustments.
Glencore has halted mining operations and loading activities at its McArthur River zinc mine ahead of the arrival of Cyclone Trevor, the Australian miner said on Friday in an emailed statement to Fastmarkets. No details were offered on the potential impact on delivery schedules and production at the mine.
Major aluminium producers and Japanese buyers are closer to reaching a premium settlement for its second-quarter aluminium supply after further deals were concluded at a premium of $105 per tonne to main Japanese ports (MJP), Fastmarkets learned on Friday March 22. Confirmed deals totaling just above 30,000 tonnes have been reported to Fastmarkets as of Friday, following initial deals done on March 6.
