America’s copper paradox sets up new seaborne trade flows
US copper policy is generating distorted trade flows: July refined copper and alloy imports hit a record 225,094 tonnes, up 78% month-on-month and 8% year-on-year, as traders front-loaded ahead of possible tariffs. The US imports about half of its copper requirements, and refined imports have risen sixteen-fold since 2015 while domestic production declined. With only two primary smelters operating, new domestic mine output such as Rio Tinto's Resolution Copper may need to be exported for processing.
Why it matters: This illustrates the briefing theme of seaborne trade flows: US policy is creating additional two-way shipping demand rather than the shortened supply chain Washington intends.