This morning in metals news: China opted to increase export tariffs on some steel products; meanwhile, Glencore released its first-half production results; and, lastly, U.S. personal income increased slightly in June.
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China boosts steel export tariffs
China has raised export tariffs for some steel products and will remove export tax rebates for 23 steel products, effective Aug. 1, Reuters reported.
Reuters cited the country’s Ministry of Finance, which said it aims to promote the “upgrade and high-quality development” of the country’s steel sector.
The move also comes as China aims to meet climate targets and reduce emissions (of which the sector is a major producer). China’s steel production in June fell by 5.6% from the previous month, according to World Steel Association data.
Glencore releases half-year production results
Miner Glencore reported first-half production gains in copper, cobalt and zinc.
Glencore’s copper production reached 598.0 kt in the first half, or up 2% year over year. Meanwhile, cobalt production rose 3% to 14.8 kt. Zinc output increased by 6% to 581.8 kt.
As for precious metals, gold output rose by 3% to 423 koz. Silver production jumped by 13% to 15,984 koz.
Personal income ticks up in June
U.S. personal income increased by $26.1 billion in June, or 0.1%, the Bureau of Economic Analysis reported today.
However, real disposable personal income declined by 0.5% in the month.
Furthermore, the Personal Consumption Expenditures Index increased by 0.5% in June. The index increased by 4.0% on a year-over-year basis.
Stop obsessing about the actual forecasted steel price. It’s more important to spot the trend.