Industry News

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The International Monetary Fund’s (IMF) most recently updated global growth forecast is gloomier than the last.

The IMF forecast global growth of -4.9% for 2020, down from the -3.0% forecast previously released in April.

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While most steelmakers are struggling for survival, Liberty Steel Group UK (LSUK) is pushing on with ambitious plans to double production and expand into new areas.

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India has imposed definitive anti-dumping duty on certain steel products imported from China, South Korea and Vietnam after an investigation established these items caused injury to domestic producers.

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This morning in metals news: U.S. steel imports were down by nearly one-fifth during the January-May period; India has imposed duties on some steel products imported from China, Korea and Vietnam; and imports of oil country goods are down significantly this year.

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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.

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According to the most recent data released by the International Copper Study Group, global copper mine production rose 0.5% in the first quarter of 2020 compared with Q1 2019.

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This morning in metals news, the U.S. is reportedly considering reimposing tariffs on Canadian aluminum, U.S. liquefied natural gas (LNG) exports have plunged and global copper mine production ticked up 0.5% in Q1 2020.

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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.

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While positive coronavirus cases are on the rise in several parts of the country, industrial production bounced back in May after posting the largest monthly drop in the history of the Federal Reserve’s industrial production index in April.

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Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner:

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