This morning in metals news, it might not be long before the European Union imposes new measures to curb steel import levels, the zinc price continues its slide and Chinese President Xi Jinping warns that China is not afraid of fighting back on trade.
E.U. Preparing Measures to Stem Flow of Steel Imports
At a news conference Tuesday, E.U. Trade Commissioner Cecilia Malmstrom said the E.U. could begin measures to slow the flow of steel imports into the 28-member bloc by mid-July, Reuters reported.
According to the report, Malmstrom said the investigation would likely take the rest of the year, and that the measures targeted for application next month would be provisional.
Zinc Price Slides
The zinc price has been on a tough run, dropping for the ninth consecutive day and falling to its lowest price in 10 months, Bloomberg reported.
Increasing LME inventories and dropping Chinese demand have contributed to the price drop, according to the report.
Xi: ‘We Punch Back’
As trade tensions between the U.S. and China continue to intensify, Chinese President Xi Jinping reiterated that China will strike back in defense of its interests.
“In the West you have the notion that if somebody hits you on the left cheek, you turn the other cheek,” Xi said, as quoted by The Wall Street Journal. “In our culture, we punch back.”