This morning in metals news, copper dipped on Tuesday, Asian countries are dealing with a glut of steel from China and Heineken is feeling the impact of higher aluminum costs.
The LME copper price dipped Tuesday amid U.S.-China trade talks and a U.S. Federal Reserve meeting this week, Reuters reported.
LME copper dipped 0.2% to $6,008.50 per ton, according to the report.
Chinese Steel in Asia
Asian countries are feeling the weight of China’s steel oversupply on the heels of last year’s Section 232 tariffs.
China’s steel output jumped 9.9% year over year during the first half of this year, the Nikkei Asian Review reported. The tariffs, paired with China’s ever-rising output, have shunted China’s steel supplies elsewhere, including to other countries in Asia.
For example, Japan’s imports of Chinese carbon steel rose 73% year over year through the first five months of the year, according to the report.
Despite higher sales, Heineken failed to reach estimates for first-half profits, Reuters reported, partially on account of aluminum packaging costs.
Through the first half of the year, Heineken’s input costs surged 8.5%, an increase reflected primarily by higher aluminum packaging costs, according to Reuters.