Global Trade And Economic News Of Note
- Chinese officials announced new iron and steel raw materials import standards that went into effect January 1, 2021. The new regulations state that recycled iron and steel raw materials that meet standards are not solid waste and can be imported freely. Click here for more information from Recycling Product News.
- The European Union (EU) has announced that it will impose new tariffs on hot-rolled iron and steel products from Turkey. The duties will range from 4.8 percent to 7.6 percent; impact Turkish companies Erdemir, Isdemir, Colakoglu Metalurji, and Habas; and be in effect for six months until the EU concludes its full investigation. As Reuters reported, data shows that EU steel consumption was four percent lower in 2019 than 2016. Turkish exporters increased their market share to 8.1 percent from 2.8 percent, meanwhile, due in part to EU measures against steel exporters like China and Brazil.
- According to FastmarketsAMM (subscription required), member mills of the China Iron and Steel Association (CISA) lowered their crude steel and hot metal production in late December from the preceding 10 days. Output of crude steel was down 1.76 percent and production of hot metal was down 2.34 percent while finished steel output increased 4.74 percent.