In a nutshell: STEEL - Trump Day 1: No bang, but tariffs still on the agenda STEEL INVENTORIES - US flat-rolled inventories jump to 2.5-year high in December STEEL US - Nucor (+) keeps HRC offers unchanged STEEL US - Weekly production falls amid cold weather Daily Prices as of January 21st / PRICE MOVERS . MACRO/COMMODITY WRAP: Base metals mostly weaker on the SHFE this morning; nickel -0.7%, aluminium -0.5%, copper unch, zinc +0.1%. The global refined copper market was in a 131kt deficit in November vs a 30kt deficit in October, according to the International Copper Study Group. Conversely, the global zinc market deficit narrowed to 52.9kt in November vs 65.4kt in October according to the International Lead and Zinc Study Group. Rio Tinto (+) CEO Jakob Stausholm sounding more optimistic that a Trump Presidency could help progress the stalled Resolution copper mine in Arizona, according to an FT interview. Iron ore futures snapping nearly two weeks of gains with contracts on the Dalian Exchange -1.0% this morning. While futures rallied yesterday with no immediate introduction of tariffs on China, it''s reversed this morning following the Trump administration discussing a 10% tariff on Chinese imports. Gold (2,747/oz) climbing to an 11-week high on Trump policy jitters and a softer dollar. The Fed meets next week with mark expectations that rates will be left unchanged. . Macro data this week: A relatively light week upcoming on the macro calendar - US initial jobless claims (previous 217k) and Eurozone consumer confidence (previous -14.5) tomorrow, Eurozone manufacturing PMI (previous 45.1), US manufacturing PMI (previous 49.4) and US existing homes sales (consensus +0.5% m/m) on Friday. From our strategy team: Trump Is In: Now What? With Trump''s inauguration cleared, investors are left wondering what''s next. Will 2025 be spent second guessing the next tariff related tweet? We think there is more to the outlook than tariffs. Our work continues...