This morning in metals news, U.S. raw steel production in the year to date is down 1.9%, South Korea announced it would consider going to the World Trade Organization (WTO) if the Trump administration goes with through with steel tariffs and copper prices slide as the U.S. dollar continues its recovery from last week’s three-year low.
U.S. Raw Steel Production Falls
U.S. raw steel production fell 1.9% in the year to date as of Feb. 17 compared to the same period in 2017, according to the American Iron and Steel Institute’s weekly report.
The capability utilization during that time frame this year has been 73.6%. In the recently released Section 232 aluminum and steel reports, the Department of Commerce issued recommendations that included a stated desire to hit at least 80% in capability utilization for both steel and aluminum.
South Korea Could Take Case to WTO if U.S. Imposes Steel Tariffs
One question many have asked is what actions Section 232 tariffs might inspire from other countries.
In the case of South Korea, it announced it would consider appealing to the WTO if the U.S. decides to impose tariffs on steel, according to a Nikkei Asian Review report.
Copper Falls as Dollar Rebounds
The price of copper fell as the U.S. dollar strengthened Tuesday, according to Reuters.
LME copper fell 0.7% to $7,071 per ton, according to the report.