Europe relied on Russia and Ukraine for a fifth of its steel imports and the impact is made even worse by surging energy costs that have forced local steel mills to reduce production.
Demand is so high for steel, some mills have stopped taking orders nny360.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nny360.com Daily Mail and Mail on Sunday newspapers.
Gold fell on Friday as US Treasury yields climbed from near a three-month low and the US dollar strengthened. The metal erased some short-lived gains that were made in the wake of a US inflation report.
Thursday’s US report on the consumer price index (CPI) showed that price increases were largely driven by categories associated with economic reopenings, bolstering the view that inflation pressures might ease later in the year.
With the US Federal Reserve setting a high bar for reconsidering its dovish stance, the data ended up stoking risk appetite across global markets pressuring demand for bullion as a
Steel s massive rally is hitting all parts of the global economy bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.