This morning in metals news, the clock is ticking on the E.U.’s temporary exemption from the U.S.’s steel and aluminum tariffs, global steel output is up, and Germany gets ready for the tariffs to go into effect Friday.
Tariff Exemption Deadline June 1 Draws Near
The European Union was granted a 30-day extension to its temporary exemption from the Section 232 steel and aluminum tariffs late last month — less than 24 hours before they were set to go into effect — but that pushed-back deadline is approaching at the end of this week.
Nonetheless, according to a report by the Financial Times, U.S. Secretary of Commerce Wilbur Ross said negotiations can still continue even if tariffs are in place, as Ross pointed to the example of China, on which the tariffs have already gone into effect.
Germany Prepares For Tariffs
Speaking of Europe, Germany is preparing for the tariffs to go into effect, according to a Reuters report.
According to a German economy ministry spokesman, as quoted by Reuters: “As far as I know it is in the night (going into) June 1. As far as I know, they (the tariffs) would automatically take effect.”
Global Steel Output Rises
Global crude steel output in April was up as winter cuts in China are in the rear view mirror, according to a Zacks report.
According to the report, Chinese production rose 4.8% year over year.