This Morning in Metals: High Court Orders Liquidation of British Steel
This morning in metals news, British Steel failed to secure emergency funding it had requested to stave off its collapse, tariffs have depressed steel import volumes into the Port of Tampa Bay and iron ore prices continue to rise.
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British Steel Falls into Liquidation
Despite attempts to save it from collapsing, troubled steelmaker British Steel is set to be liquidated after an order from the High Court, Reuters reported.
The steelmaker has pointed to the uncertainty of the business climate amid the ongoing Brexit saga as a major source of its problems. The company had previously secured an emergency government loan of £120 million to pay its E.U. carbon bill, and more recently requested another loan to keep it afloat.
Steel Imports Down at Port of Tampa Bay
The Trump administration’s Section 232 tariff on steel saw U.S. imports of steel drop significantly last year, falling 12% year over year.
For example, steel imports coming into the Port of Tampa Bay fell 19% during the October-March period compared with the same six-month period the previous year, the Tampa Bay Times reported.
Iron Ore Continues to Rise
Prices of the steelmaking raw material iron ore’s mid- and higher grades reached multiyear highs this week, Business Insider Australia reported.
MetalMiner’s Annual Outlook provides 2019 buying strategies for carbon steel
The price of benchmark 62% fines rose to $102.30 per ton, its highest level since May 2014, according to the publication.
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