April 2: President Trump announced changes to the tariffs on imported steel, aluminum and copper. The tariff on finished products is reduced from 50% to 25%. The 25% rate will apply to the full value of a finished product, containing steel, aluminum or copper, rather than the value of the metal in the product. The 50% tariff will remain for commodity-grade products that are mostly made of the respective metals. Products that contain less than 15% of steel, aluminum or copper by weight will not be subject to this specific tariff; instead, they will be subject to the separate 10% global tariff.

A temporary U.S.-Iran ceasefire eases pressure, but freight, fuel and labor risks remain elevated.

Global demand for electrification brings record copper prices past price ceiling, and U.S. steel shipments rose year over year in February.