This Morning in Metals: China Hits Record Daily Steel Output in June
This morning in metals news, China hit a record vis-a-vis steel production, China responded to the U.S.’s threat of $200 billion in tariffs and copper continues its slide.
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A Record June
China steelmakers put out a record amount of steel, on a daily basis, in June, Reuters reported.
According to National Bureau of Statistics data, the country churned out 80.2 million tons of crude steel last month, according to the report.
China Goes to the WTO
Speaking of China, as trade tensions continue to rise with the U.S. (particularly in light of the U.S.’s most recent threat of $200 billion in tariffs), China has decided to take its case to the World Trade Organization (WTO).
China is seeking to combat the proposed tariff barrage by filing a complaint at the WTO, alleging the tariffs fall afoul of WTO rules.
Copper Price’s Slide Continues
The arrow has been pointing down on the copper price this year.
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That trend continued Monday, as the copper price fell 1%, Reuters reported. According to the report, the copper price is down 14% so far in 2018.
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