This Morning in Metals: U.S. Steel Imports up 19.4% in YTD

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This morning in metals news, U.S. imports of steel are up 19.4% through the first 10 months of the year, the European Union’s antitrust watchdog is eyeing ArcelorMittal’s bid to buy Ilva and London copper posted little movement Thursday.

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Steel Import Market Share Hits 26% in October

According to data released by the American Iron and Steel Institute (AISI), for the first 10 months of 2017, total and finished steel imports were 32,841,000 net tons (NT) and 25,375,000 NT, up 19.4% and 15.1%, respectively, from the same period in 2016.

In addition, the estimated finished steel import market share in October was 26% and is 27% for the year to date. 

EU to Look at ArcelorMittal’s Ilva Takeover Bid

The EU’s antitrust watchdog is taking a look at ArcelorMittal’s bid to buy Ilva, amid concerns that the purchase could stifle competition and lead to rising prices, the Associated Press reported.

According to the report, the EU Commission said Wednesday that it fears “the merger may reduce competition for a number of flat carbon steel products.”

London Copper Doesn’t Budge

It was a quiet Thursday for LME copper, as the metal traded just above the previous one-month low, Reuters reported.

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With light volumes, LME copper held at $6,856 a ton by 1:27 GMT, marking a 0.4% gain from the previous session, per the report.

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