This morning in metals news, China has issued stricter rules on building new steel capacity, Chinese steel production is expected to slow down in 2018 and LME copper rises as the dollar loses ground.
New Rules to Put the Squeeze on New Capacity in China
China has new, stricter rules on building new steel capacity, the Ministry of Industry and Information Technology said on Monday, Reuters reported.
According to the report, the rules dictate that China will allow one ton of new capacity to be built for a minimum of 1.25 tons of old capacity closed in environmentally sensitive regions.
Chinese Steel Production to Slow in 2018
Copper Rises as Dollar Falls
London copper picked up some momentum Tuesday as the U.S. dollar fell, Reuters reported.
That dynamic came on the heels of the metal hitting a two-week low overnight, in tandem with a previous upward run by the dollar.