This Morning in Metals: U.S. Says It Will Continue Trade Actions Against China
This morning in metals news, despite a recent detente, the U.S announced it would continue trade actions against China; Canada launched a dumping investigation of steel imports from China, Vietnam and South Korea; and China’s Chinalco gets closer to equaling rival Hongqiao in production with a recent deal.
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U.S.-China Trade Relationship Steps Back From Recent Truce
The U.S. announced it would continue trade actions against China, Reuters reported.
According to the report, the U.S. plans to announce by June 15 a list of approximately $50 billion in Chinese goods that will be subject to a 25% import tariff.
Canada Launches Dumping Probe
Sticking with the China theme, Canada announced that it has launched a dumping inquiry of Chinese steel imports (in addition to Vietnam and South Korea), Reuters reported.
The inquiry will seek to determine if cold-reduced flat-rolled sheet products of carbon steel have harmed Canadian industry, according to the report.
Chinalco Closes in on Hongqiao
The state-owned Chinalco inked a deal with the Yunnan government to increase its smelting capacity, a move that will bring it closer to equaling top producer Hongqiao, Reuters reported.
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According to the report, Yunnan Metallurgical Group will be merged into China Copper Co, a joint venture between Chinalco and the Yunnan provincial government.
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