This morning in metals news, prices of Chinese steel and steelmaking ingredients were down Friday, India is in talks with the U.S. over a steel tariff exemption and Japanese crude steel output might be decline in the first quarter of 2019.
Chinese Steel Prices Down
A number of metals are closing the year on a downward note, and Chinese steel is no exception.
Prices of Chinese steel and steelmaking ingredients were down Friday (the last Friday of the year), with the most-active SHFE rebar contract down 0.5%, according to Reuters.
India, U.S. in Talks Over Steel Tariff Exemption
The Trump administration imposed its Section 232 tariffs on imported steel and aluminum in March, but countries are still lobbying for exemptions from the 25% tariff on steel and 10% tariff on aluminum.
According to another Reuters report, India is in talks with the U.S. over the possibility of a steel tariff exemption.
India is the world’s ninth-largest steel exporter. According to the International Trade Administration, the U.S. ranked sixth as a destination for India’s steel exports, accounting for 4% of its exports, or 204,000 metric tons, through October of this year.
Japanese Steel Production to Drop in Q1?
Crude steel production in Japan might be starting 2019 with operational issues that could hamper production, according to a report by the Hellenic Shipping News citing a government ministry.
According to the report, citing Japan’s Ministry of Economy, Trade and Industry (METI), estimated crude steel output could drop to 26.31 million tonnes during Q1 due to operational issues at various plants. That estimated production figure would mark a 0.4% drop from the same period in 2017, according to the report.