This morning in metals news, the extension of pollution-curbing efforts in China is offering a boost to iron ore and steel futures, an Australian steel company is nervous about the possibility of Section 232-related steel tariffs from the U.S., and Mexico fined a steel company for stock manipulation.
Future is Bright for Iron Ore, Steel Futures
According to a report by the Financial Times, iron ore and steel prices rose to a year-to-date high after the announcement that winter capacity cuts in China’s top steelmaking region would continue.
Per the report, the local government of Tangshan, the biggest steelmaking city in China, announced Friday that cuts set to expire at the end of March will continue.
Australia’s BlueScope Awaits Section 232 Verdict as Turnbull Angles for Exemption
Despite assurances given last year by the U.S. that Australia would be exempted from Section 232-related tariffs, Prime Minister Malcolm Turnbull and some Australian companies might be getting concerned that those assurances won’t come to fruition.
Australian steelmaker BlueScope, for example, is one firm looking to secure assurances that it would be spared from possible hard-hitting tariffs, according to a report in The Sydney Morning Herald.
Mexico Fined Steel Firm for Stock Manipulation
Mexican company Industrias CH was fined $159,764 in late November for stock manipulation, according to a Reuters report citing government data.