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Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner:

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Week in Review, April 5-9 (steel capacity utilization, European steel’s challenges and more)

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This morning in metals news: the Aluminum Association this week called for reforms to the Section 232 exclusion process; meanwhile, Volvo Cars reported a record first quarter in sales; and, lastly, Chilean miner Codelco requested arbitration with Ecuador regarding the Llurimagua project.

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Aluminum Association calls for Section 232 exclusion reform

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Just over three years ago, former President Donald Trump used Section 232 of the Trade Expansion Act of 1962 to institute tariffs on imported steel and aluminum.

However, in addition to quotas and waivers for certain countries, domestic consumers could file for tariff exclusions with the Department of Commerce.

Meanwhile, this week, the Aluminum Association called for reforms to the Section 232 exclusion process.

“Three years after the implementation of the Section 232 tariffs on most aluminum imports into the U.S., it is time to take a fresh look at trade policy to support a robust domestic aluminum industry,” said Tom Dobbins, president and CEO of the Aluminum Association. “The Biden administration and the new Congress have an opportunity to harness the growth potential for aluminum as a sustainable solution for the 21st century, and capitalize on the more than $3 billion of private U.S. aluminum investment over the past decade. The federal government can take action immediately to put American aluminum on an equal footing with overseas competitors.”

Volvo touts record first quarter

Volvo Cars reported its best-ever first quarter for global sales.

Volvo’s sales surged by 40.8% year over year.

“In Europe and the US, the company managed to improve sales compared to the first quarter last year, while managing to cope with the ongoing effects of the pandemic,” the automaker said. “China has by now recovered from the impact of the pandemic, which was peaked in Q1 2020.”

Furthermore, Volvo’s March sales jumped by 62.3% year over year.

Chile’s Codelco seeks arbitration with Ecuador over Llurimagua project

Lastly, Chilean copper giant Codelco said it is seeking arbitration at the International Chamber of Commerce with Ecuador.

Codelco said it is seeking compliance regarding agreements signed with the National Mining Company of Ecuador regarding the Llurimagua project. The project sits 80 kilometers from Ecuador’s capital, Quito.

In a release, Codelco said the parties agreed to definitive terms for the partnership in 2019. In addition, Codelco said it hoped the process will make it possible to reach an agreement for the “mutual benefit” of the parties.

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This morning in metals news: Ford China announced its sales rose by 73.3% year over year; meanwhile, the Energy Information Administration (EIA) released its Short-Term Energy Outlook; and, lastly, Rio Tinto announced it had achieved battery-grade lithium at its Boron plant.

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Ford China tallies fourth consecutive quarterly sales jump

Ford China reported its Q1 sales jumped 73.3% year over year.

The jump marked its fourth consecutive year-over-year quarterly sales increase.

Meanwhile, Ford China sales increased 30.3% year over year in Q4 2020.

EIA releases Short-Term Energy Outlook

The EIA forecast US retail gasoline prices this summer will average $2.78 per gallon.

Meanwhile, last summer’s average checked in at $2.07 per gallon.

“EIA expects U.S. gasoline consumption to rise in response to growing levels of GDP and employment,” the EIA said. “In addition, as COVID-19 vaccines are more widely distributed, we expect that driving will increase, causing gasoline consumption to rise.”

Furthermore, the EIA forecast US gasoline consumption will average 8.6 million barrels per day in 2021, up from 8.0 million barrels per day in 2020.

In addition, in its latest outlook, the EIA used projections of 5.6% GDP growth this year and 4.2% growth in 2022.

Rio Tinto achieves battery-grade lithium

Lastly, Rio Tinto announced it had achieved battery-grade lithium at its Boron plant in California.

“The demonstration plant is the next step in scaling up a breakthrough lithium production process developed at Boron, to recover the critical mineral and extract additional value out of waste piles from over 90 years of mining at the operation.

“An initial small-scale trial in 2019 successfully proved the process of roasting and leaching waste rock to recover high grades of lithium.”

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