Ronnie Chua/Adobe Stock
Steelmaker trade associations banded together to tell governments how China achieving market economy status would affect them.
Also, bets on a strong oil price by hedge fund managers have reached their lowest in more than five years.
Steel Producers Tell Governments Not to Give China Market Status
The American Iron and Steel Institute, the Steel Manufacturers Association, the Canadian Steel Producers Association, CANACERO (the Mexican steel association), Alacero (the Latin American steel association), EUROFER (the European steel association), Instituto AcoBrasil (the Brazilian Steel Institute), the Turkish Steel Producers Association and the Committee on Pipe and Tube Imports conducted an educational briefing for government officials last week in Paris where they presented a unified position on the negative impact of granting China Market Economy Status (MES) in December 2016.
Presentations at the event in Paris reviewed the continued, significant role of the state in the Chinese economy, the resultant growth in Chinese steel overcapacity and the surge in Chinese steel exports to world markets in recent years. Representatives from the various regional associations detailed the negative consequences that would result from granting China MES before Chinese market-distorting policies were fully reformed.
In addition, a legal analysis was presented by Alan Price of Wiley Rein LLP demonstrating that World Trade Organization (WTO) member countries were authorized to continue applying non-market economy methodologies in anti-dumping investigations until China or Chinese producers can show that they operate under market economy conditions.
CTFC: Bullish Hedge Fund Bets on Oil Hit a 5-Plus-Year Low
Hedge funds’ bullish wagers on US crude oil have fallen to a more than five-year low, data showed on Monday, amid concerns that domestic oil output was not falling fast enough to offset a global supply glut.
Money managers, including hedge funds and other big speculators, cut their net longs in US crude oil futures by 39,159 contracts during the week to Nov. 24, data from the US Commodity Futures Trading Commission showed.