This morning in metals news, the U.S. and South Korea reach a revised trade agreement, the E.U. started a study on possible steel import limits and copper slides to a 3 1/2-month low.
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.
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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.
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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.