This Morning in Metals: Copper prices slide amid coronavirus fears
This morning in metals news, copper prices have been sliding amid growing fears over the spread of the coronavirus in China, laminated steel manufactured by Tata Steel in the Netherlands has been exempted from U.S. tariffs and China’s Jingye is reportedly considering building a new metals recycling furnace in the U.K.
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Copper prices slide
Copper prices dropped for a ninth consecutive session Monday as fears mount over the spread of the coronavirus in China, Reuters reported.
According to the report, the downward streak marks the longest losing streak for copper in six years.
Tata Steel laminated steel exempted from U.S. tariffs
Laminated steel manufactured by Tata Steel in the Netherlands has been exempted from the U.S.’s Section 232 steel tariffs, Reuters reported.
According to the report, the Dutch foreign trade minister, Sigrid Kaad, said the exemption would save the company and consumers approximately up to 100 million euros annually in tariff costs.
Jingye mulls Teesside recycling furnace
China’s Jingye Group, currently in the process of pushing its British Steel takeover bid over the finish line, is considering building a new metals recycling furnace in the U.K., the Financial Times reported.
Keep up to date on everything going on in the world of trade and tariffs via MetalMiner’s Trade Resource Center.
According to the Financial Times, the Chinese group is considering building the new plant in Teesside, which saw its long history of steelmaking come to an end in 2015 with the shuttering of the Redcar blast furnace.
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