Global News Of Note: World Steel Production Falls
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:
- According to the World Steel Association, global crude steel production for the 63 reporting countries was 161.6 million tons in May 2023, a 5.1 percent decrease compared to May 2022. Read the full report here.
- The World Trade Organization (WTO) issued a ruling on June 19 agreeing with the government of Japan regarding its challenge to anti-dumping duties imposed by China in 2019 on imports of Japanese stainless steel billets and hot-rolled plates and coils. A three-person panel recommended the Chinese government bring its measures into conformity with WTO rules. The government of Japan had argued China made errors in its comparison of prices and failed to demonstrate that the imported products were in fact harming Chinese producers. Read more here.
- According to Reuters, India’s finance ministry is considering a proposal to impose countervailing duty on steel imports from China.