This morning in metals, China’s biggest steel city has ordered five-day output curbs to tackle pollution, the deputy USTR criticized Indian retaliatory tariff measures and it was another down week for copper.
Tangshan Launches Cuts Ahead of Expected Smog
China’s top steelmaking city, Tangshan, has begun industry output cuts that will last five days, Reuters reported.
According to the report, the city has ordered steel mills to shut down sintering plants. In addition, coke and cement factories have been asked to cut their outputs.
USTR Criticizes Indian Trade Measures
Jeffrey Gerrish, the deputy United States Trade Representative, said this week that India’s retaliatory tariff measures are not “appropriate” and that India has not done enough to bring down the U.S.’s trade deficit with it, the Economic Times reported.
India is among the group of World Trade Organization (WTO) members to have requested consultations with the U.S., through the WTO dispute settlement mechanism, over its steel and aluminum duties.
Copper Down Again
It was another down week for Dr. Copper, as general trade anxiety continues to weigh on the market.
According to Reuters, this week marked copper’s fifth consecutive week of price declines, as simmering trade tensions between the U.S. and China have impacted copper demand in China (the world’s top copper consumer).