BMO Metals Brief

Research evidence excerpt

BMO Metals Brief

nd consumption in 2025, however, it $/oz

continues to forecast annual declines to resume in 2026 and 2027. 4,600

 Canada extends tariffs, European steel suffers: Canada’s finance minister has announced that the 4,400

country will extend steel tariff-rate quotas and tariff relief on certain US steel and aluminium 4,200

imports by one year, citing the need to shield workers from global excess capacity and give

4,000

industry longer-term certainty. The extensions will run to June 2027, with imports exceeding the

quota limits still facing a 50% tariff. Meanwhile, European steel industry association Eurofer said 3,800

today that EU steel exports to the USA have fallen by 34% since the introduction of 50% import 04 Mar 04 Apr 04 May 04 Jun

tariffs under Section 232, with European steel exports to the USA falling from 4.7Mt in 2017 to Source: Bloomberg, BMO Capital Markets

just 1.94Mt in the three quarters since the new tariffs were applied.

 Zambia extends suspension of copper concentrate export duty: Zambia has extended the Spot Iron Ore

suspension of its 10% export duty on copper concentrate until September 30 to help clear

stockpiles as major smelters undergo extended maintenance, according to Reuters. The move

covers 271,742t of copper concentrates, with Mopani Copper Mines receiving the largest duty-

free quota at 100,000t, followed by Barrick’s Lumwana (56,986t), First Quantum and Nkana

Mining (~43,000t), Lubambe (15,000t), and Vedanta’s Konkola Copper Mines (12,541t).

 India supports battery metals but hinders renewables: India’s federal Ministry of Mines is

expected to shortly unveil 30bn rupees ($313mn) of incentives to support the processing of 105 $/tonne lithium and nickel in the country, according to Reuters. The country has targeted 30% EV