Global News Of Note: China-Australian Steel Trade, Worldwide Steel Production Up
What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:
- A World Trade Organization (WTO) panel has determined that the justification behind duties imposed by the Australian government on steel products from China was flawed. Specifically, the WTO said Australia’s Anti-Dumping Commission (ADC) had acted inconsistently with some articles within its rules. In a statement, Australian Trade Minister Don Farrell accepted the ruling and said Australia would engage with the Chinese government to take steps to address and implement the WTO’s findings. Read more here.
- World crude steel production for the 71 countries reporting to the World Steel Association was 148.8 million metric tons in February 2024, a 3.7 percent increase compared to February 2023. Africa produced 1.8 metric tons in February 2024, up 8.1 percent from 12 months before. Production from Asia and Oceania was up 3.9 percent while European Union output fell 3.3 percent. North American production also declined, falling 1.3 percent.