This morning in metals news, the iron ore price continues to rise, China is reportedly in no rush to restart trade talks after the recent exchange of tariffs and Tokyo Steel once again held prices steady.
Iron Ore Breaks Through $100/Ton Barrier
The iron ore price has moved above $100/ton to its highest level in five years, the Australian Financial Review reported.
The iron ore price has soared this year, in large part aided by operational failures in Brazil, where a dam breach Vale’s Corrego do Feijao mine killed hundreds and took a significant chunk of the global iron ore supply off the market.
No Rush to Talk
Many were hopeful that the U.S. and China were approaching the final stages of a deal to end their ongoing trade war, one that prior to this month had seen the imposition of tariffs on a total of $360 billion between the two countries.
Those hopes fizzled, as the U.S. accused China of reneging on commitments and President Donald Trump opted to increase tariffs on $200 billion in Chinese goods, raising the tariff rate from 10% to 25%.
So, what’s next?
According to the South China Morning Post, China is in no rush to get trade talks going again.
Tokyo Steel Prices Steady
Tokyo Steel has opted to hold its prices steady for the sixth straight month, Reuters reported.
According to the report, prices are remaining unchanged on account of weaker market conditions overseas and high inventories in Japan.