This morning in metals news, China iron ore futures were up Monday, the chief executive of Japan’s LIXIL Group expressed concern about aluminum price volatility, and a new study measures the economic effect of a potential U.S. withdrawal from the North American Free Trade Agreement (NAFTA).
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Chinese Iron Ore Futures Rise
Chinese iron ore futures were up Monday, Reuters reported, on the second day that contracts have been open to foreign investors.
According to Reuters, the most-traded September iron ore contract rose 0.2% to $73.86 per ton.
Japan’s LIXIL Group Concerned About Aluminum Prices
The U.S. has made waves in the metals markets in recent months with the Section 232 tariff measures, and Japan’s LIXIL Group is among the firms concerned about the trade moves’ impact on prices (particularly aluminum). In addition, U.S. sanctions against Russian individuals and companies had seen aluminum prices rise sharply last month.
According to Reuters, LIXIL CEO Kinya Seto said the company isn’t concerned about the impact of sanctions on Russian aluminum giant Rusal, but that LIXIL is still worried about volatility in aluminum prices.
Impact of NAFTA
According to a study by A.T. Kearney, the near-term cost to American retailers of a withdrawal from NAFTA is estimated at $15.8 billion.
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NAFTA, the trilateral trade deal in place since 1994, has been the subject of renegotiation talks dating back to last fall. Last week, U.S. Trade Representative Robert Lighthizer indicated he hoped to reach a deal with Canada and Mexico this month.