Midwest premium to retreat after Section 232 tariffs removed from Canada and Mexico President Trump announced last week the United States has reached an agreement to remove Section 232 tariffs from Canada and Mexico. Following the removal, we believe the US Midwest premium should drop from the current elevated levels. Prior to the implementation of 232 tariff, the US Midwest premium was trading at a more reasonable level around $175 per tonne, but after the tariff was imposed, it skyrocketed to almost $500 per tonne (22.5 cents per lb) in April 2018 and has since traded above $400 per tonne. We believe the normalization of Midwest premium should be beneficial...
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