This Morning in Metals: Iron Ore Futures Soar to Record High

by on

nikitos77/Adobe Stock

This morning in metals news, iron ore continues its hot streak, the Chinese government has summoned executives of 48 regional companies to demand they curb pollution from their facilities and a series of Section 301 public hearings kicks off today.

Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook

Iron Ore Rises

The iron price has been ascendant so far this year, aided in large part by supply-side constraints.

According to the Australian Financial Review, the iron ore price last week posted its biggest weekly gain since February en route to a record high.

According to the report, the most-actively traded September Dalian iron ore contract jumped as much as 4% to $115.20/ton.

China Targets Pollution

The winter heating season in China officially ended in March, and steel production has ramped back up after the winter production curbs.

Despite the end of those curbs, the Chinese government is still asking companies to limit their pollution. According to Reuters, the government is summoning executives from 48 regional companies for a meeting in which they will order the firms to cut output.

Section 301 Hearings Begin

This week, a series of hearings will commence related to the ongoing Section 301 tariff saga, which now could see tariffs applied to the remaining $300 billion in Chinese goods that have yet to be slapped with duties by the U.S.

As such, the Office of the United States Trade Representative is hosting a series of public hearings on the subject, beginning today and concluding Tuesday, June 25.

MetalMiner’s Annual Outlook provides 2019 buying strategies for carbon steel

“The proposed tariffs are a supplemental action in response to China’s unfair trade practices related to technology transfer, intellectual property, and innovation, based on the findings in USTR’s investigation of China under Section 301 of the Trade Act of 1974,” the USTR said in a release. “Tariffs on $250 billion in goods from China are currently in effect under Section 301 trade action.”

Comment (1)

  1. Texzen says:

    Some freight forwarders have advised that the duty for stainless steel tubing, already tariffed at 25% under, are subject to an additional 25% under the 301 potential action. I see nothing anywhere about any Chines imported product potentially being subject to a 50% tariff. Can anyone help clarify this situation?

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.