Oil prices tumble after OPEC rollover: Kemp
LONDON Ministers from OPEC and non-OPEC oil-exporting countries agreed on Thursday to extend existing production cuts for a further nine months to the end of March 2018.
WASHINGTON The U.S. Commerce Department on Wednesday launched an investigation to determine whether a flood of aluminium imports from China and elsewhere are compromising U.S. national security, a step that could lead to broad import restrictions on the metal.
Commerce Secretary Wilbur Ross said the investigation is similar to one announced last week for steel imports into the United States, invoking Section 232 of a national security law passed in 1962 at the height of the Cold War.
Ross told reporters that the probe was prompted by the extreme competitive pressures that unfairly traded imports are putting on the U.S. aluminium industry, causing several domestic smelters to close or halt production in recent years.
The move is the latest of several potential U.S. actions aimed at stemming a rising tide of aluminium imports. The Commerce Department is investigating allegations that Chinese companies are dumping aluminium foil into the U.S. market below cost and are benefiting from unfair subsidies.
Ross said part of the justification for the investigation is that U.S. combat aircraft such as the Lockheed Martin (LMT.N) F-35 joint strike fighter and the Boeing (BA.N) F/A-18 Super Hornet require high-purity aluminium that is now produced by only one smelter, Century Aluminum Co (CENX.O).
(Reporting by David Lawder; Editing by Bill Trott)
BEIJING Factory activity in China is expected to have grown at its slowest pace in eight months, a Reuters poll showed, as previous stimulus fades and policymakers focus on tackling rising debt - a sign the cooldown in manufacturing will persist through 2017.