This Morning in Metals: U.S. closing border with Canada to ‘non-essential traffic’

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This morning in metals news, President Donald Trump announced the U.S. and Canada have mutually agreed to close their shared border to non-essential traffic, Indian steel stocks have gotten a boost this week and Chinese iron ore futures made gains.

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U.S., Canada to close border

This morning, President Donald Trump announced the U.S. and Canada had agreed to close their border in an effort to mitigate the spread of COVID-19.

Trump, however, noted the closure will not impact the flow of goods.

“We will be, by mutual consent, temporarily closing our Northern Border with Canada to non-essential traffic,” Trump tweeted. “Trade will not be affected. Details to follow!”

Indian steel stocks rise

Despite coronavirus-related pressures, some Indian steel stocks have posted gains of late, the Business Standard reported.

According to the report, Steel Authority of India Ltd (SAIL), Jindal Steel and Vedanta increased by as much as 7% during trading Tuesday on the National Stock Exchange.

Iron ore moves up

Meanwhile, Chinese iron ore prices made gains Wednesday, reaching a seven-month high at one point during the trading session before falling back, Reuters reported.

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The most-active iron ore contract for May delivery on the Dalian Commodity Exchange rose as much as 4.1% on Wednesday before closing up 1.7%.

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