This morning in metals, zinc and nickel dropped to their lowest prices in over a week, another country hints at retaliation vis-a-vis potential U.S. Section 232 tariffs and Chinese steel mills are looking to increase output before future cuts take hold.
Nickel, Zinc Post Drops
Zinc and nickel prices posted their lowest prices in over a week as the Shanghai Futures Exchange opened back up for business on the heels of the Chinese New Year break, according to a Reuters report.
LME benchmark nickel fell 1.9% in official open outcry trading to $13,580 a ton, according to the report, while LME zinc fell 1.7% to $3,482 a ton.
Turkey Warns of Retaliation to 232 Tariffs
Turkey is the latest country to allude to retaliatory plans should the U.S. enact steel tariffs, according to Turkish news source Ahval.
According to the report, Economy Minister Nihat Zeybekçi that if there are complaints from Turkish producers regarding future 232-related steel tariffs, the country will look into retaliatory measures.
Chinese Steel Mills Look to Get Output Up Before Next Round of Cuts
According to a Reuters report, Chinese steel mills are looking forward to an increase in their output once government-mandated winter cuts end in March.
The cuts, instituted from Beijing, aimed to bring down pollution in the country. According to the report, the country shut down half of all steel production in 28 cities this winter.