COPPER:
LME copper inventories soared by 18,750
tonnes or 8.9 per cent to 229,375 tonnes on Aug. 22, the biggest increase since
Jul. 6. The surge triggered market worries over copper consumption.
ALUMINIUM:
China Aluminum International Trading Co.
(Chalco Trading) further cut aluminum prices it offered in major markets today,
it said on its WeChat.
Aluminum
production in China will grow further in August due to release of new and
restarted capacity, SMM expects.
The
Aluminum Association has not given up on the U.S. reaching a binding bilateral
deal with China to reduce aluminum overcapacity, but the group is also holding
out the option of pursuing anti-dumping or countervailing duty cases if market
conditions fail to improve.
The
aluminum industry is gearing up for a Sept. 29 International Trade Commission
hearing, which would serve as the first step in any future trade defense cases
on aluminum. The industry has taken a less aggressive approach than steel in
not more pursuing anti-dumping, countervailing duties or World Trade
Organization action against China on aluminum, opting instead to try to reach a
bilateral or multilateral deal, Aluminum Association Vice President of Policy
Chuck Johnson told World Trade Online.
“The issues of overcapacity
really came to a head in the middle of last year,” Johnson said. “Prior to
that, we had not been active on this issue. We have not, as an association,
pursued antidumping and other trade enforcement remedies for our industry as
have steel and other industries that have been facing a more endemic and
long-term conditions. … But we are not taking anything off the table.”
This is a shift for the
association, which represents original aluminum manufacturers throughout North
America.
The ITC hearing will look at
Chinese trade practices including trade policies, export duties and industry
subsidization. The goal, Johnson said, is to get better documentation on
China’s industry than has previously been gathered.
The ITC
is currently collecting information and gathering public comments in
preparation for the hearing. The commission is also circulating a questionnaire
looking at the competitive conditions affecting the U.S. aluminum industry as a
whole.
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