This morning in metals news, Chinese exports of steel and aluminum were up in April, copper prices fell and negotiators are working to reach a deal on the North American Free Trade Agreement (NAFTA) this month.
Chinese Steel, Aluminum Exports Jump in May Despite Section 232 Tariffs
China saw an increase in its steel and aluminum exports in April as U.S. sanctions on Russia canceled out the impact of the Section 232 tariffs, Reuters reported.
China’s steel exports rose to their highest level since August, according to customs data cited by Reuters.
Copper Price Falls
Copper prices dropped as the inversely correlated U.S. dollar gained strength, Reuters reported.
LME three-month copper dropped to $6,758 per ton, according to the report.
Renegotiation efforts around NAFTA began last fall, but last week U.S. Trade Representative Robert Lighthizer said he hopes to reach a deal this month.
However, according to a Bloomberg report, Lighthizer hasn’t given any ground on some proposals with which Mexico and Canada are unlikely to agree.
Lighthizer met with Mexican Economy Minister Ildefonso Guajardo on Monday and was scheduled to meet Canadian Foreign Affairs Minister Chrystia Freeland this morning.