Global News Of Note: Metals Output Softer In United States, Europe Renews Steel Tariffs On China

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:

• As S&P Global reported last week, starting July 12 the European Commission will impose definitive anti-dumping duties of between 14 percent and 25 percent on imports of aluminum flat-rolled products originating in China. The duties will remain in place until October 2026. The European Commission had opened an investigation into these imports in August 2020 and the imposed provisional duties of 14.3 percent to 24.6 percent. The commission suspended those duties in October 2021, however, to allow further market surveys.
• The Global Steel Users Purchasing Managers Index (PMI) jumped from 49.6 in May to 53.8 in June. Conditions in Asia improved at the sharpest pace for 19 months, but growth in the United slowed to a 22-month low. European steel users reported the first deterioration in operating conditions since August 2020. Output at global steel users increased for the first time in four months in June. Production levels in Asia recovered strongly, with growth reaching the highest since December 2010. Reduction at Europe-based firm production was the sharpest since May 2020 and U.S. steel users reported the softest rise in output for four months. Click here to read the full report.
• The Global Aluminum Users Purchasing Managers PMI rose from 49.2 in May to 53.4 in June. The improvement was largely due to renewed expansion at Asia-based firms. European and U.S. companies saw the weakest rates of growth in 22 months. Global output was higher for the first time in four months even though firms in the United States saw production levels fall for the first time in eight months. Click here to read the full report.
• The Global Copper Users PMI increased from 49.8 in May to 53.2 in June. It was the strongest improvement in the reading in almost one year (since August 2021). The fastest expansion was recorded in Asia while both Europe and the United States recorded the slowest growth rates for 22 months. Click here to read the full report.