This morning in metals news, South Korea will no longer seek to benefit from special treatment granted to developing countries vis-a-vis WTO rules, iron ore exports from Australia’s Port Hedland are surging and Rio Tinto has commissioned new press filter technology at its Quebec alumina refinery.
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South Korea to Give up Seeking Developing Country Treatment
According to a Reuters report citing South Korea’s finance minister, the country will give up seeking the special treatment afforded to developing countries.
“The government decided not to seek special treatment as a developing country from future negotiations at WTO,” Finance Minister Hong Nam-ki was quoted as saying.
Developing country status is self-designated; however, other WTO members can challenge a country’s claim to the status.
Earlier this year, the White House released a memorandum calling for reforms to developing country designations.
“While some developing-country designations are proper, many are patently unsupportable in light of current economic circumstances,” the memorandum stated. “For example, 7 out of the 10 wealthiest economies in the world as measured by Gross Domestic Product per capita on a purchasing-power parity basis — Brunei, Hong Kong, Kuwait, Macao, Qatar, Singapore, and the United Arab Emirates — currently claim developing-country status. Mexico, South Korea, and Turkey — members of both the G20 and the Organization for Economic Cooperation and Development (OECD) — also claim this status.”
Through the first half of 2019, South Korea accounted for 9% of U.S. steel imports (1.3 million metric tons).
Port Hedland Iron Ore Exports Rising
Iron ore exports from Australia’s Port Hedland are expected to hit a record high this fiscal year, according to a Bloomberg report.
According to the report, iron ore volumes from the port last year reached 508.5 million tons.
Rio Tinto Announces New Press Filter Tech at Quebec Refinery
Rio Tinto has commissioned new press filter technology at its Vaudreuil alumina refinery in Quebec.
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“The new filter presses will deliver environmental benefits by moving the refinery to dry stacking of bauxite residue and extend the life of the operation, which supports 1,000 jobs in the Saguenay-Lac-St-Jean region,” the company said. “The presses will ramp up to being fully operational in early 2020.”
The new presses will be able to dry bauxite residue — preparing it for storage — in just 17 minutes, according to Rio Tinto, down from the three years it currently takes to dry the material.