This morning in metals news, the U.K.’s steel export levels to the U.S. have come down this year, China’s steel output surged through the first 11 months of the year and 2018 proved to be a down year for a number of commodities, including copper.
U.K. Steel Exports to the U.S. Down 20%
According to a report by The Daily Mirror, the U.K.’s steel exports to the U.S. have dropped 20% since the U.S. imposed a Section 232 steel tariff.
Like Canada and Mexico, the U.K. — and the E.U. at large — was subject to the tariff after a temporary exemption was allowed to expire.
Chinese Steel Production
Despite winter season cuts, Chinese steel production from January to November rose 8.3% year over year, according to the Hellenic Shipping News.
The winter heating season in the country began mid-November, during which the government mandates production curbs in an effort to mitigate pollution. This year, however, Beijing opted to delegate the cuts to local authorities, as opposed to the previous season’s blanket cuts.
Copper Continues Downward Trend
Dr. Copper has been trending downward since hitting a peak over $7,200/mt in June.
The metal closed the year on a down note, falling 18% on the Comex, according to Bloomberg.