This Morning in Metals: Asian Stocks Fall Ahead of Much-Anticipated Trump-Xi Meeting
This morning in metals news, stocks in Asia fell Tuesday, Chinese steel prices continued recent gains and U.S. Steel named a new chief information officer.
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Asian Stocks Slide
Shares in Asian companies fell Tuesday ahead of a meeting scheduled for later this week between U.S. President Donald Trump and Chinese President Xi Jinping, CNBC reported.
Trade talks between the economic superpowers fizzled last month when Trump raised tariffs on $200 billion in Chinese goods and China responded with tariffs on $60 billion in U.S. goods.
The Shanghai composite dropped 0.87%, while the Shenzen composite dropped 0.992%, CNBC reported.
Chinese Steel Prices Continue Gains
Chinese steel prices ticked upward for the fifth straight session, Reuters reported, while the steelmaking raw material iron ore slipped.
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The most-actively traded SHFE rebar October contract closed up 2.2%, while hot-rolled coil was up 1.7%, according to the report.
U.S. Steel Taps New CIO
U.S. Steel announced the appointment of Steven D. Bugajski to the position of chief information officer, effective July 1.
“Steve’s depth of experience has shown that his talents, strong knowledge of our systems, and insights into IT trends and opportunities that could benefit our company make him well-positioned to lead our Information Technology organization,” U.S. Steel CEO David Burritt said in a release.
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