This morning in metals news, China pressured iron ore traders not to buy from North Korea even before the newest round of U.N. sanctions were imposed, a Chilean copper company is preparing to invest in Mongolia and China produced a record amount of steel in July.
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China Puts Pressure on N. Korean Iron Ore Business
As the political situation on the Korean peninsula continues to intensify and President Donald Trump criticizes China for allegedly not doing enough to rein in North Korea, a Reuters report indicates China has taken some action against North Korean interests.
According to Reuters, China pressured its iron ore traders not to buy North Korea iron ore, pressure that even preceded the latest round of U.N. sanctions.
Per two traders Reuters spoke to, the Chinese government stopped issuing permits to bring in iron ore “several weeks ago.”
Codelco Looks to Make Investment in Mongolia
Chilean state miner Codelco is planing to make an investment in faraway Mongolia, Codelco’s chief executive told Reuters on Friday.
According to CEO Nelson Pizarro, the company is looking for medium-term investments in the country, which may have untapped copper deposits.
Chinese Steel Output Hits 74M Tons in July
Chinese steel producers had a prolific July, churning out a record 74 millions tons, Reuters reported.
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The output bested the previous month’s then-record total of 73.23 million tons, reached in spite of government efforts to combat pollution.