In case you missed it, our latest round of Monthly Metals Index (MMI) reports is in the books.
Tariffs once again dominated the headlines last week.
With negotiations breaking down, the U.S. elected to impose the Section 232 steel and aluminum tariffs on the European Union, Canada and Mexico. The trio previously had a temporary exemption, which had been extended by 30 days the previous month, moving the deadline back to June 1.
However, the U.S. opted to slap the tariffs on the metals, sparking responses from each with respect to retaliatory measures.
Trade relations took another hit this past weekend, as President Donald Trump announced he would withdraw support from the G7 communique, bristling at comments Canadian Prime Minister Justin Trudeau had made regarding the U.S. tariffs on steel and aluminum.
Aside from policy, a few other highlights from the past month in metals:
- The Aluminum MMI picked up another point for an index reading of 101.
- U.S. automotive sales bounced back by 2.0% in May after a down April.
- Construction spending in April rose 1.8% from the previous month, according to Census Bureau data.
- Both LME nickel prices and stainless steel surcharges ticked up last month.
by Fouad Egbaria