This morning in metals news, global steel output rose last month, Chinese aluminum smelter cuts have fallen short, and a Trump administration official said the president’s new security strategy backs the case for potential tariffs on steel and aluminum.
Global Steel Output Up
Although Chinese capacity cuts are on the horizon, global crude steel output rose by 3.7% in November, Reuters reported.
China’s goal of cutting capacity, in an effort to reduce pollution in the country, is expected to eat into that global output total.
November crude steel output in China hit a nine-month low, according to the report.
Meanwhile, in Aluminum Cuts…
How about Chinese efforts with respect to aluminum smelter closures?
According to Reuters, that has fallen short, as China has failed to implement closures for the winter season. As a result, the aluminum price has struggled in the face of record inventories in China.
New Security Plan Boosts Case for Steel, Aluminum Tariffs
As the metals industry waits for a resolution to the Trump administration’s Section 232 probes of steel and aluminum imports, a Trump administration official on Tuesday said the president’s new security strategy supports the case for steel and aluminum tariffs, Reuters reported.
The Section 232 probes, launched in April, “are being discussed in the context of national security,” the official told Reuters. “The strategy highlights the importance of industrial strength, and that is also an element of the 232 analysis.”