In a nutshell: . STEEL US: Punitive countervailing duties slapped on Vietnam in CORE case . CLIMATE: Carbon Markets: Political game changer . US SCRAP: Scrap prices expected to soar in February . US PLATE: NUE (+) hikes plate offers by another +USD 40/st . ArcelorMittal (+): How low can capex go? - 6 February Daily Prices as of February 4th / PRICE MOVERS . MACRO/COMMODITY WRAP: Base metals trading mostly weaker on the SHFE this morning on China''s return from holiday today; zinc -1.2%, nickel -0.4%, copper -0.3%, aluminium unch. The Yangshan copper cathode premium declining USD 3/t on China''s return, back to levels one-month ago. The dollar continues its slide from peak tariff fear early Monday morning, trading -0.1% this morning. Iron ore futures declined this morning (-0.6% in Dalian) amid the trade tensions and China''s services activity expanding at a slower pace in January. This comes despite Rio Tinto (+) noting yesterday that it had begun clearing iron ore ships from ports as two tropical cyclones offshore complicate efforts to repair infrastructure damaged by a cyclone last month. Gold (2,856/oz) hit a fresh all-time high this morning, boosted by safe haven demand from China-US trade war fears as US President Trump yesterday said he is in ''no hurry'' to speak to Chinese President Xi. . Macro data this week: Eurozone HCOB Service (cons. 51.2), US ADP (cons. 155K) and US ISM services (cons. 54.3) today; US Nonfarm Payrolls (cons. 150K) on Friday. . STEEL US - Punitive countervailing duties slapped on Vietnam in CORE case: The US Department of Commerce announced the preliminary countervailing duties (CVD) in the corrosion-resistant steel products (CORE) case. The DoC assigned largely non-material subsidy rates against Brazil (CSN, Usiminas...), Mexico (Ternium...) and Canada (Stelco, Dofasco...), averaging between 1-2%. This does not come as a surprise for those countries which account for 45% of the US HDG import supply. However, Vietnam,...