Industry News

Citigroup: Steel and aluminum to be most affected metals by Trump's tariffs

Views : 61
Update time : 2024-11-27 16:02:53
Citigroup analysts led by Alexander Hacking said Trump's threat to impose 25% tariffs on major suppliers in Canada and Mexico will make steel and aluminum the metals most affected.

As the largest metal import market for these two countries, the US tariff policy may cause steel prices to rise by US$100 to US$150 per short ton, and the premium for aluminum prices in the Midwest over that of the London Metal Exchange to double to as much as 50 cents.

Mexican President Claudia Sheinbaum warned that the US measures may have serious economic consequences and Mexico may retaliate with tariffs. Citigroup said that any retaliatory tariffs would hurt US steel mills, especially sheet products.

The Canadian government pointed out that the US is its largest metal export market, with aluminum, iron, and steel accounting for about almost 50% of metal exports.
Related News
Read More >>
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Mar .12.2025
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Mar .12.2025
Uzbekistan’s aluminium cans manufacturing unit to reduce dependency on imported aluminium packaging
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they? Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
Mar .12.2025
Two contrast sequences set to boost China’s aluminium smelters’ profitability, offsetting tariff losses. What are they?
International crude oil prices increase on Mar 11 International crude oil prices increase on Mar 11
Mar .12.2025
International crude oil prices increase on Mar 11