In Germany, the manufacturing sector was able to increase production and the order situation at the rolling mills is positive. The situation is unchanged in neighboring France. The demand from the construction and automotive industries is healthy. According to MEPS, one reason for the lack of growth were many holidays in May.
Trade war averted – for the moment
President Donald Trump has averted tariffs on Chinese goods for the moment. After days of talks between Steve Mnuchin, US ministry of finance, and Chinese government officials, there is allegedly a commitment from the Chinese to reduce the trade deficit between the two superpowers. The impact that it will have on tariffs for imported steel and aluminum remains to be seen.