This morning in metals news, President Donald Trump indicated Wednesday the U.S. tariffs on China might not be going away anytime soon, copper prices soared to an eight-month high and an Ohio steel company received a state grant to upgrade a railroad spur.
Tariffs Likely to Linger
As U.S.-China trade talks continue, President Donald Trump on Wednesday indicated the tariffs imposed on China over the last year likely aren’t going anywhere.
Copper Price Rises to Eight-Month High
The price of copper got a boost on the heels of Federal Reserve comments indicating the economy has slowed since the fourth quarter of last year.
According to Reuters, copper reached an eight-month high, moving against the falling dollar on the heels of the Fed’s comments on the economy; the U.S. dollar index dipped Wednesday afternoon, but has returned to pre-dip levels Thursday.
Ohio Steel Company Gets Government Grant
An Ohio steel company, Taylor Coil Processing, has received a state grant of $56,125 to upgrade a rail spur, the Tribune Chronicle reported.
The upgrade would facilitate movement of products into and out of Taylor’s plant, according to the report. Citing data from the Youngstown Warren Regional Chamber, more than 350 million pounds of steel were transported into and out of the Taylor plant in 2018, with 10-15% of that total moving by rail.