This morning in metals news, ArcelorMittal on steel demand in China (and elsewhere), copper lost ground after several upward sessions in a row and Mexico’s steel industry is not happy with the government’s decision to not renew steel safeguards protecting against steel from countries with which Mexico does not have a trade agreement.
Chinese Steel Demand
ArcelorMittal expects the steel sector to come back down a bit after a run of strong prices, according to a Bloomberg report.
Unsurprisingly, much of that expected decline has to do with softening demand in China. Per the report, the firm expects steel demand growth to slow around the world, and contract in China for the first time since 2015.
After three straight upward sessions for London copper, the price fell back Thursday, Reuters reported.
LME copper fell 0.2% Thursday, according to the report. Meanwhile, Chinese markets remain closed over the Lunar New Year holiday break.
Mexico’s Steel Safeguards
According to an S&P Global Platts report, Mexican industry groups are not happy with the government’s decision to let a 15% steel safeguard lapse.
The safeguard applied to imports from countries with which Mexico does not have a trade agreement, according to the report.