This morning in metals news, U.S. imports of steel are up 19% in the year to date, Shanghai nickel drops and miner BHP Billiton looks to cut costs.
Imports Up Nearly One-Fifth in YTD
U.S. imports of steel are up 19% this year through October, according to data released by the American Iron and Steel Institute (based on preliminary U.S. Census Bureau data).
The U.S. imported a total of 3,119,000 net tons (NT) of steel in October 2017, including 2,493,000 net tons (NT) of finished steel (unchanged and down 0.4%, respectively, compared with September final data).
Year-to-date (YTD) through 10 months of 2017, total and finished steel imports are 32,850,000 and 25,449,000 NT, up 19.4% and 15.4% respectively, vs. the same period in 2016.
Shanghai Nickel Falls
Shanghai nickel futures dropped more than 2% on Tuesday, Reuters reported.
The drop comes as a result of potentially slackening steel demand in the face of Chinese governmental reforms, according to the report.
Mining Giant Eyes Cost Cuts
Australian miner BHP Billiton is looking to cut costs across its Australian businesses, Reuters reported.
BHP is looking for $1.6 billion in productivity gains at its Australia iron ore, copper and coal units over the next two years, Minerals Australia President Mike Henry said during a briefing in Adelaide, according to the report.