In this episode, Nick Webb delves into the intricate landscape of global trade tariffs and their impact on the steel and aluminum industries. Beginning with the White House's consideration of raising tariffs, reminiscent of past policies, Webb explores the bipartisan stance on protecting American workers in these sectors.

The episode takes a deep dive into the ramifications of the US and UK's ban on Russian metal imports, particularly focusing on the implications for the London Metal Exchange. Webb analyzes the complex dynamics of metal origin and sanctions, unraveling the tiers of impact on trade flows and market prices.

Shifting gears, Webb examines recent developments from steel giants Nucor and Cleveland Cliffs, that have introduced spot indexes to challenge existing pricing mechanisms. He discusses the significance of these moves and their implications for industry pricing structures.