This Morning in Metals: U.S. Steel Imports Fall to 2.2M MT in June

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This morning in metals news, U.S. steel imports dropped in June, General Motors reported its Q2 financial figures and renegotiation talks on the North American Free Trade Agreement (NAFTA) are set to pick up momentum.
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U.S. Steel Imports Hit 2.2M MT in June

According to preliminary U.S. Census Bureau data released Wednesday morning, U.S. imports of steel in June reached 2.2 million metric tons, down from 2.6 million metric tons in May.
According to the report, decreases occurred primarily with Canada, while increases came from Russia, Korea and Thailand.
For the year through the end of May, import numbers hit 13.9 million metric tons, down from 14.3 million metric tons in January-May 2017.

GM Reports EBIT-Adjusted $3.2B

General Motors reported financial numbers for the quarter this morning, reporting an EBIT-adjusted $3.2 billion for Q2 2018.
GM also reported income of $2.4 billion, down 2.8% from Q2 2017.
“We faced significant external challenges, but delivered solid results this quarter,” Chairman and CEO Mary Barra said. “The fundamentals of our business are strong and we remain focused on our plan – delivering great vehicles, developing technologies to transform personal mobility and creating long-term shareholder value.”

NAFTA Meetings Back on the Table

With the July 1 Mexican presidential election in the rear-view mirror, NAFTA is set to come back to the forefront.
Renegotiation talks began in August 2017, as the U.S. and President Trump sought to renegotiate a more favorable NAFTA (which Trump has referred to as the worst trade deal ever).
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Bloomberg reported trade representatives from the countries are set to discuss NAFTA this week in bilateral meetings scheduled today and tomorrow in Mexico City and Washington.

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