Month: February 2016

Reed Calls For Investigation Into Alleged Unfair Trade Practices

U.S. Rep. Tom Reed is calling for an investigation into questionable trade practices by China and other countries in the aluminum industry.

Reed, R-C-I-Corning, recently signed on to a letter requesting an investigation over the dumping of aluminum into world and U.S. markets. The call for an investigation comes amid accusations by the U.S. aluminum industry that unfair trade practices are undercutting domestic manufacturers.

The letter is urging Kevin Brady, chairman of the Ways and Means Committee, to appeal the U.S. International Trade Commission to begin the investigation, but it is unclear whether the chairman will take up the cause.

“When China cheats, we’re going to call them out on it and we’re going to hold them accountable,” Reed said. “What I’m looking for is a fair, level playing field upon which our American workers will win every single day. I say to China, enough is enough.”…

Noranda files bankruptcy, legislative action likely only avenue for survival

NEW MADRID, Mo. – Noranda Aluminum announced Monday they have initiated court-supervised restructuring under Chapter 11 of the United States Bankruptcy Code. Noranda has taken this action to have additional time and financial flexibility to evaluate options for its various business operations.

There has been a great deal of discussion about a potential legislative deal between Noranda and its energy provider Ameren Missouri. In light of the recent industrial incident and Monday’s bankruptcy filing, it appears that a legislative solution is the only way to maintain the employer’s presence in the bootheel…

Goldman sees copper, aluminum extending declines through 2016

Copper and aluminum prices may fall more than 10% by year’s end amid ongoing weakness in Chinese demand that’s unlikely to show any recovery in 2016, according to Goldman Sachs Group.

The bank lowered its 12-month outlook for copper on the London Metal Exchange to $4 000 a metric ton from $4 500 a ton, and cut its aluminum forecast to $1 350 a ton from $1 550 a ton, analysts including Max Layton wrote in a note dated February 8.

“We now anticipate no material recovery in Chinese metals demand growth in 2016,” the analysts wrote. China’s transition from metals-intensive, investment-led growth “is likely to be permanent,” they said, while also citing an overhang of property inventory and the country’s high debt levels as challenging for demand in the world’s top commodities consuming nation…

Morning Trade

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ANTI-CHINA ALUMINUM GROUP MAKES ELECTION APPEAL: The U.S. aluminum industry organized under the “China Trade Task Force” is continuing its campaign to combat China’s overproduction of aluminum, this time focusing on presidential candidates. The group released a new online ad this week on the issue, which will go up on TV early next week in early primary states.

“Illegal Chinese aluminum subsidies are destroying the lives of tens of thousands of hardworking Americans who are losing their jobs across the country. And at a time when our nation’s presidential candidates profess a need to ‘get tough on China,’ they are suspiciously silent on how to combat Chinese job hacking,” China Trade Task Force Executive Director Will Dempster said in a statement.

The group argues that Chinese government subsidies are fueling an overproduction of aluminum that is undercutting prices and threatening to put U.S. producers out of business. Watch the ad here: http://bit.ly/1StU8fZ…

U.S. sets new deadline for investigating China aluminum extrusions

The U.S. Department of Commerce has set a new deadline of Feb. 22 to decide whether to investigate allegations that a Chinese aluminum extruder evaded U.S. import duties, a spokesman said on Tuesday.

* New deadline comes after Commerce Dept. asked Aluminum Extrusions Fair Trade Committee to re-file initial petition as several separate cases.

* Previous deadline had been Jan. 21…