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.
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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.
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“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.”