This Morning in Metals: China Hongqiao Impacted by Typhoon
This morning in metals news, the world’s top aluminum producer was flooded after Typhoon Lekima, Chinese cities did not meet targets to cut pollution and iron ore prices continue to slide.
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China Hongqiao Takes Damages After Typhoon
The world’s largest aluminum producer, China Hongqiao, was flooded over the weekend after Typhoon Lekima struck Shandong province, Reuters reported.
According to an affiliate, a wall at the firm’s aluminum plants was “immediately overwhelmed” by water flooding from the Xiaofu river Sunday night.
Chinese Cities Fail to Meet Pollution Curb Targets
China has continued its battle against pollution, but some cities have failed to meet their targets.
According to another Reuters report, China’s steelmaking province of Hebei is summoning the leaders of three cities — Handan, Hengshui and Xingtai — after they did not meet pollution curb targets during the first six months of 2019.
Iron Ore Continues to Fall
After reaching a five-year high earlier this summer, the iron ore price has quickly retraced in recent weeks.
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According to Bloomberg, the iron ore price fell toward the $80 per ton mark, led by concerns regarding slowing economic growth in China.
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