This morning in metals news, China announced some U.S. goods would be exempted from tariffs, steel production is down in the Great Lakes region and copper falls amid declining Chinese auto sales.
China Announces Tariff Exemptions
The Chinese government announced Wednesday that it will exempt 16 types of U.S. goods from tariffs for one year as of Sept. 17, CNBC reported.
Among the products included in the list of exemptions are food for livestock, lubricants and cancer drugs, CNBC reported.
Steel Production Down in Great Lakes
Steel production in the U.S.’s Great Lakes region in the last week of August declined for the fifth straight week, the Times of Northwest Indiana reported.
Production for the week declined 1.17% from the previous week.
Copper Price Falls
Amid falling Chinese auto sales, the copper price approached a two-year low reached earlier this month, Reuters reported.
LME copper was bid down 0.6% on Wednesday down to $5,793 per ton, Reuters reported.
The China Association of Automobile Manufacturers reported August automotive sales dropped 6.9% on a year-over-year basis.