This morning in metals news, the U.S. steel industry’s steel capacity utilization rate for the year through Aug. 31 fell to 80.8%, copper bounced back from a two-year low and China’s vice premier made a call for a “deeper mutual understanding” between the U.S. and China.
Capacity Utilization Drops
After reporting a year-to-date capacity utilization rate of 81.0% for the year through Aug. 24, the American Iron and Steel Institute (AISI) reported a rate of 80.8% for the year through Aug. 31.
For the week ending Aug. 31, capacity utilization fell below the important 80% mark, checking in at 79.5%. Production in the week totaled 1.85 million tons, down 0.6% compared with production during the same week in 2018.
After reaching a two-year low, copper prices bounced back Wednesday, Reuters reported.
Three-month LME copper ticked up 0.5% to $5,637 per ton, according to Reuters.
Liu Asks for ‘Deeper Mutual Understanding’ in U.S.-China Talks
Just days after the latest tariff exchange between the U.S. and China, China’s top trade negotiator looked to ease tensions.
On Sept. 1, new U.S. tariffs covering $110 billion in Chinese goods went into effect, while $75 billion in tariffs in the other direction also went into effect.
China’s Vice Premier Liu He said the countries must reach a “deeper mutual understanding,” the South China Morning Post reported.