This morning in metals news, growth in China’s steel industry has slowed down significantly, U.S. steel production was up 8.6% year-over-year and a Russian firm launches a new copper and gold mine near the Chinese border.
Chinese Steel PMI Falls to 6-Month Low
The Chinese steel Purchasing Managers’ Index (PMI) fell to a 6-month low this month as the government attempts to curb pollution, according to a Reuters report.
This month, the PMI dropped to 52.3 from 53.7.
U.S. Steel Production Up 8.6%
Through the month of September, U.S. steel production was up 8.6% year-over-year, according to a report by the Northwest Indiana Times.
According to the report, citing stats from the World Steel Association, steel output rose by 5.6% internationally in September compared to September 2016.
Russia’s Norilsk Opens New Mine Near Chinese Border
The Russian firm Norilsk Nickel has launched a new copper, iron and gold mine near the Chinese border, according to Reuters.
The project, situated about 250 miles by rail from the border, will send iron ore exports to China.
Chinese copper demand continues to be strong. According to the report, Shanghai copper futures have surged 18% this year.