China's commerce ministry urges the UK government to comply with international rules and fulfill obligations under the China-UK investment protection pact regarding British steel.

The post reports that the European Union will reduce tariff-free steel quotas by 33% and reserve half for countries with free-trade deals to protect local industry from Chinese imports.

The EU will apply stricter rules on steel traceability to determine origin and prevent tariff circumvention.

The EU will allocate half of its steel quota to countries with free trade agreements and the other half to all countries.

The EU announces a 47% reduction in tariff-free steel imports from 2024 levels to 18.3 million metric tons per year.

The EU will implement a new rule on July 1 to protect its steel sector from the damaging impact of global overcapacity.

USTR Greer says trade tools can protect U.S. iron ore and taconite production and will be phased in gradually to reduce reliance on foreign steel.

Iran claimed its naval air defense shot down a US LUCAS drone off the southern coast, citing state media photos of a damaged drone.

China's foreign ministry says it is closely monitoring the situation regarding British steel and will protect legitimate rights and interests if needed.

China pledges to support affected Chinese enterprises and help them pursue legal remedies over the British Steel dispute.

China's Commerce Ministry criticized the UK's nationalization of British Steel, alleging it unfairly targeted Jingye.

The UK government has taken British Steel into state ownership after nationalisation passed a public interest test and following legislation that makes it easier to forcibly nationalise steel companies.

India secured a larger duty-free steel export quota from the UK under a renegotiated free trade pact.

India asked the EU for relief from planned curbs on metal scrap exports, citing potential supply tightness, higher costs, and undermining of trade pact gains.

The post reports that the Chinese steel market is facing prolonged weakening demand, partially offset by manufacturing and exports, according to industry experts.

China's National Development and Reform Commission announces plans to accelerate clean energy generation to cover new electricity demand growth and implement decarbonization actions across nine high-emission industries.

LME plans to launch steel futures contract linked to Shanghai prices, expanding global access to Chinese commodity markets.