Global News: Worldwide Crude Steel Production Up While Mexico Takes Aim At 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:

• World crude steel production rose to 152.6 million metric tons in August 2023, a 2.2 percent increase from August 2022. Production declined in North America, Europe, and the Middle East, but rose in Russia and Africa. Read the full report from World Steel here.
• Mexico has launched an antidumping investigation into steel nail imports from China. Data indicates Mexican production of these products, which are already subject to some tariffs, fell 8.4 percent between July 2022 and July 2023. Read more at SteelOrbis.
• In remarks at the Center for China and Globalization in Beijing, China’s chief climate diplomat Xie Zhenhua said his country would oppose adding fossil fuel “phaseout” language to a global climate change agreement. The declaration is important since China is the world’s top emitter of greenhouse gases. MSCI has long argued any global climate deal must hold the Chinese government to strike emissions standards. Anything else would make Canadian and United States industrial metals companies less competitive against their Chinese competitors.