This morning in metals news, iron ore shipments into China picked up in March after February’s 10-month low, India’s top court blocked ArcelorMittal’s attempt to buy the bankrupt Essar Steel and the E.U. opened the door to formal trade negotiations with the U.S.
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China’s Iron Ore Import Levels Rise in March
With winter production curbs winding down in China, imports of the steelmaking material iron ore picked up in March, Reuters reported.
China imported 86.42 million tons of iron ore in March, up from 83.08 million tons in February.
Indian Supreme Court Blocks ArcelorMittal’s Bid to Buy Essar Steel
India’s National Company Law Tribunal (NCLT) in early March gave the OK to ArcelorMittal’s plans to buy the bankrupt Essar Steel, thus allowing the former to enter the Indian market.
However, India’s Supreme Court had other ideas.
The Economic Times reported the country’s high court superseded the NCLT approval by ordering a halt to ArcelorMittal payments to buy the debt-laden Essar Steel.
E.U. Gives Initial OK Toward Initiation of Formal Trade Talks with U.S.
As the Trump administration this week announced it is considering imposing $11 billion worth of tariffs on a wide range of imports from the E.U., European countries gave the green light in the process to initiate formal trade talks with the U.S., Reuters reported.
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According to the report, two mandates have been put forth (still requiring final approval): cutting tariffs on industrial goods and “making it easier to show products meet E.U. or U.S. standards.”