This Morning in Metals: LME Steel Contract Launch Could be Delayed
This morning in metals news, Reuters reports the launch of the London Metal Exchange’s planned steel contract will likely be pushed back to 2020, China’s average daily steel output in January and February increased, and India’s imports of iron ore were up 157% during the April-December 2018 period.
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Steel Contract Delay
According to a Reuters report, the LME’s plans to launch a new steel contract could have to wait until next year.
Traders want the contract to be priced in euros rather than the dollar, according to the report.
China’s Steel Output Picks Up
According to another Reuters report, China’s average daily steel output picked up for the first two months of 2019 taken together compared with December 2018.
Average daily output for January and February combined (to account for the Lunar New Year holiday) reached 2.54 million tons, up from 2.32 million tons in December, according to the report.
India’s Iron Ore Imports Surge
India’s imports of iron ore during the April-December 2018 period jumped 157% year over year, according to the Business Standard.
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The report, citing the CARE Ratings agency, notes that India’s July 2018 iron ore import total of 1.93 million tons marked the country’s highest monthly import figure in the past five years.
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