This morning in metals news, U.S. steel imports fell in August compared with July, House Speaker Nancy Pelosi called for the beginning of an impeachment inquiry of President Donald Trump and Indian mining companies are concerned about the impending expiration of leases for non-captive iron ore mines.
Steel Imports Drop
According to preliminary U.S. Census Bureau data, U.S. steel imports reached 1.8 million metric tons in August.
The August steel import level marked a decline from the 2.7 million metric tons imported in July.
Markets React to Impeachment Inquiry News
Democratic House Speaker Nancy Pelosi on Tuesday announced her intention to initiate impeachment inquiry regarding President Donald Trump.
As a result, stock markets dipped Tuesday morning, but recovered later in the day.
The CBOE’s volatility index, the VIX, reached a three-week high, ascending to 17.77 early Wednesday before dipping just below 17 later this morning.
Indian Companies Worry Over Mining Leases
According to the Economic Times, concerns abound in India regarding the expiration of 31 non-captive iron mines March 31.
RK Sharma, secretary general of the Federation of Indian Mineral Industries, told the Economic Times that the mines in question account for 45% of the domestic steel industry’s iron ore requirements.