This Morning in Metals: South Korea Gets Steel Tariff Exemption

U.S. Gives South Korea Steel Tariff Exemption

The U.S. and South Korea reached an agreement on steel tariffs, with the U.S. exempting South Korea from the tariff but also imposing a quota, according to reports.
Need buying strategies for steel? Try two free months of MetalMiner’s Outlook
The quota is equivalent to 70% of South Korea’s average exports to the U.S. from 2015-2017.

E.U. Studies Possible Steel Import Limits

According to Reuters, the E.U. began a study Monday looking into whether the U.S. steel import tariffs will lead to a flood of steel into Europe from Asian producers.
The European Commission said total steel imports jumped from 17.8 million tons in 2013 to 29.3 million in 2017.

Copper Fall to 3 1/2-Month Low

Copper dropped to its lowest price since Dec. 8, falling to $6,532/ton, according to Reuters.
MetalMiner’s Annual Outlook provides 2018 buying strategies for carbon steel
Rising stockpiles and increasing U.S.-China trade tensions — amid President Trump’s announcement last Thursday, which could pave the way for $60 billion in tariffs on Chinese products — led to the depression of the copper price, according to the report.