This Morning in Metals: E.U. Approves Provisional Measures to Limit Steel Imports
This morning in metals news, E.U. states have thrown their support behind measures to curb steel imports, Indian steel demand could double by 2025, and copper and zinc prices continue to drop.
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E.U. Backs Steel Import Curbing Measures
E.U. states voted to approve provisional measures to curb steel imports on the heels of the U.S.’s steel tariff, Reuters reported.
E.U. industry members have warned about the potential for steel, once destined for the U.S. market, to flood the European market after the U.S. imposed a 25% global steel import tariff (which included exemptions for a few countries).
According to the report, 25 E.U. member states voted for the provisional measures, while three abstained from the vote.
Indian Steel Demand on the Rise
Demand for steel could be set to double by 2025, according to a report by the Economic Times.
Per the report, BHP Billiton said demand in the country could hit 170 million tons (MT) by 2025.
Copper, Zinc Prices Continue to Fall
Prices of copper and zinc hit multimonth lows yesterday, Reuters reported.
MetalMiner’s Annual Outlook provides 2018 buying strategies for carbon steel
Per the report, the zinc price dropped to its lowest since June 2017, while copper fell to an 11-month low.
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