This morning in metals news, Chinese iron ore futures fell to their lowest level in 10 weeks, JP Morgan weighed in on the impact of tariffs on U.S. consumers and Tokyo Steel has decided to hold its prices steady for September.
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Iron Ore Slide Continues
Chinese iron ore futures fell to a 10-week low, Reuters reported.
Iron ore prices surged to five-year highs earlier this summer, but have plunged since then.
According to Reuters, the most-traded iron ore contract on the Dalian Commodity Exchange closed down 4.3% to 589.50 yuan per ton.
According to an analysis by investment bank JP Morgan, the Trump administration’s tariffs to date have had an average per-household impact of $600, CNN reported.
However, if the Trump administration goes through with the recently announced 10% on $300 billion in Chinese goods, that impact will rise to $1,000 per household.
Tokyo Steel Stands Pat on Prices
Tokyo Steel announced it will hold prices steady for September, Reuters reported.
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According to the report, the announcement marks the second straight month of price freezes from Tokyo Steel.