This has been a challenging year for a number of sectors, amid already slowing growth and then the massive impact of the coronavirus pandemic — but the European steel sector has been hit particularly hard.
The United States International Trade Commission voted unanimously in its anti-dumping and countervailing subsidy review of imports of Chinese collated steel staples, concluding the imports are injurious to U.S. industry.
This morning in metals news, the U.S. Supreme Court has rejected a challenge to the Trump administration’s Section 232 tariffs on steel, British MPs are calling for government assistance for the British steel industry and ArcelorMittal is reportedly considering the sale of some of its Canadian iron ore assets.
This morning in metals news, the Federal Reserve on Wednesday opted to maintain the federal fund interest rate at 0-0.25%, the Producer Price Index for final demand rose 0.4% in May and Chinese rebar futures fell Thursday.
Various agencies have pegged the contraction of Indian steel demand to come in anywhere between 14-18%.
A new report by the World Steel Association has said India’s steel demand would fall by 18% in 2020, even as global steel demand was expected to drop to 6.4% because of the COVID-19 pandemic, the Financial Express reported.
Many view tiny Hong Kong as something of an anathema — a hangover from the days of the British empire, part of China but not part of China, often missing the point that that is exactly its strength (or has been).
This morning in metals news, the Energy Information Administration (EIA) released fuel inventory build projections for Q2, Mexico is preparing to ease its coronavirus restrictions and the U.S. recently announced a move targeting China’s Huawei’s.
While many people are asking why Britain did not do it sooner — logically, at the beginning of the lockdown like most other countries — the U.K. has just announced this week it will be forcing all arrivals at its airports to self-quarantine for 14 days on arrival.
This morning in metals news, Reuters reports the Trump administration plans to unveil plans that will outline a legal framework for mining on the moon, Norsk Hydro recently released its first-quarter results and Chinese iron ore futures made gains Wednesday.
This morning in metals news, Liberty Steel announced it would idled its Georgetown steelworks in South Carolina, Customs and Border Protection (CBP) has implemented new procedures regarding rules of origin petitions related to the United States-Mexico-Canada Agreement (USMCA) and Vale released its Q1 production results.