This Morning in Metals: China picks up steel buying from India
This morning in metals news: China’s steel purchases from neighbor India have jumped this year; Japan’s Nippon Steel is wary of China’s steel dominance; and the U.S. trade deficit in goods increased in July.
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China ramps up Indian steel purchases
Despite border tensions earlier this year that led to skirmishes between Chinese and Indian soldiers, China continued to buy record amounts of Indian steel.
Between April and July, Indian steel exports reached their highest level in six years, Reuters reported. Furthermore, China’s share of those exports reached its highest level ever.
China’s steel sector against the world
Speaking of China and steel, the executive vice president of Nippon Steel Corp. expressed concern over the fact that China could be set to further control the global steel market.
“Chinese steelmakers are working hard on product development,” Katsuhiro Miyamoto, executive vice president of Nippon Steel Corp., Bloomberg quoted him as saying. “We must stay ahead of them.”
U.S. trade deficit in July
The U.S. trade deficit in goods reached $79.3 billion in July, the U.S. Census Bureau reported.
The July deficit compared with the $71.0 billion deficit in June.
Exports totaled $115 billion, while imports reached $194 billion.
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