This morning in metals news, the U.S. and China will resume trade talks, Tokyo Steel announced its first steel price cuts in nearly three years and Rio Tinto recently celebrated the launch of its automated heavy-haul rail network.
After last month’s tariffs fireworks, President Donald Trump indicated the U.S. and China will restart trade talks before this month’s G20 summit in Japan, Reuters reported.
Talks fell apart last month after Trump raised tariffs on $200 billion in Chinese goods, to which China responded with tariffs on $60 billion in U.S. goods.
The G20 summit is scheduled for June 28-29.
Tokyo Steel Announces Price Cuts
Japanese steelmaker Tokyo Steel announced it would cut prices for its steel products in July — marking the first price cut in 33 months, Reuters reported.
According to Reuters, the steelmaker is reducing all prices of steel bars by 7.8%, down to $591 per ton.
Rio Tinto Hails Automated Rail Network
Miner Rio Tinto recently celebrated the deployment of its long-distance rail network, AutoHaul, which it calls the “world’s first automated heavy-haul long distance rail network.”
The rail network will serve to move the miner’s supplies of iron ore through Western Australia.
“The success of AutoHaul™ would not have been possible without the expertise, collaboration and dedication of teams within Rio Tinto and our numerous partners,” said Ivan Vella, Rio Tinto’s iron ore managing director of rail, port and core services. “I’d also like to commend our train driving workforce for their support and professionalism during the transition period.
“This project has cemented Western Australia as a leader in the heavy-haul rail industry and has attracted interest from around the world. The successful deployment of the world’s first heavy-haul long distance rail network demonstrates the potential for significant further improvement in such operations with others around the world looking to replicate.”