This morning in metals news, June steel imports in the U.S. declined, U.S.-China trade talks are expected to resume after falling apart in May and copper prices picked up Wednesday.
June Steel Imports Hit 1.8M Tons
June steel imports in the U.S. fell to 1.8 million metric tons, down from 1.9 million metric tons in May, the U.S. Census Bureau reported Wednesday.
U.S. imports from Korea and Brazil fell, while increases occurred from Canada, Russia and Germany, according to the Census Bureau report. (In May, the Trump administration removed its Section 232 steel and aluminum tariffs vis-a-vis Canada and Mexico.)
U.S.-China Talks Set to Resume
The U.S. and China’s long-running trade talks fell apart in May, but they appear to be set to pick back up next week.
U.S. trade negotiators will head to Beijing for the next round of talks sometime in the next week, CNBC reported.
Talks fell apart in May, as the U.S. accused China of reneging on previous commitments; ultimately, President Donald Trump increased tariffs on a previously announced $200 billion list of Chinese goods.
Copper Prices Rise
News of the resumption of trade talks between the world’s two largest economies spurred upward movement in the copper price.
LME copper picked up 0.5% to reach $6,000 per ton, Reuters reported.