Afternoon Coffee: Japanese Steelmakers Look to Diversify Suppliers, Tyson to Eliminate Antibiotics in Chicken

Heavy reliance on imported ferroalloys from China and India is starting to worry Japanese steelmakers, who are now looking to new suppliers to hedge on future supply risk, Nikkei Asian Review reports. Of the emerging contenders in the space, Malaysia is seen as one of the countries with the highest potential to lessen China and India’s dominance.

Tyson Joins the Antibiotics Bandwagon

Tyson Foods announced Monday its poultry products would be free of antibiotics by 2018, according to USA Today. The move reflects a response to changing consumer attitude in the food industry that have caused Purdue, KFC and others to try to purge their products of additives consumers deem “unnatural.”

Eurozone Growth

GDP for the first quarter of 2017 in the eurozone was 0.5% higher than in the last quarter of 2016 and 1.7% higher year-over-year, the Wall Street Journal writes. Surveys of businesses and households project continued growth in the second quarter, a sign the European Central Bank said meant the recovery is “solid.”

Fed Economic Update  

And finally, a more local economic update: The Federal Reserve, as expected, held its benchmark interest rate at the 0.75%–1% range Wednesday, saying that it remains “on course” raise rates at least two more times this year, the New York Times reports.

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