This Morning in Metals: Chinese Steel Prices Move Upward
This morning in metals news, Chinese steel prices are up ahead of the peak construction season, mining companies around the world are looking to change the way they operate in the wake of Vale SA’s fatal dam collapse and solar sector companies are sourcing prefab in order to find a way around the Trump administration’s steel tariffs.
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Chinese Steel Prices Up, Iron Ore Flat
Ahead of the peak construction season, Chinese steel prices have gone up, while iron ore traded flat, Reuters reported.
On Wednesday, the most active rebar contract on the SHFE ticked up 0.2% to 3,715 yuan per ton ($555.54 per ton), according to the report.
Changes in the Mining Sector After Vale
The fatal tailings dam collapse Jan. 25 at Vale SA’s Corrego do Feijao mine in Brazil has other miners thinking about what they can do to prevent such a disaster from occurring at their own operations.
According to a Reuters report, a group of 27 CEOs — including those of Freeport-McMoRan, Vale, BHP Group and Glencore — agreed this week to form a panel that will “set international design and maintenance standards” for dams.
Solar Makers and Steel Tariffs
Solar makers are using an end around to the Trump administration’s steel tariffs, Bloomberg reported.
MetalMiner’s Annual Outlook provides 2019 buying strategies for carbon steel
How are they doing this? By sourcing prefab products from overseas, as the article cites the case of one solar company sourcing steel racks from India.
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