This morning in metals news, the U.S.’s goods and services trade deficit dropped in February, Brazilian iron ore miner Vale said the commodity will take a hit because of falling steel demand and India’s Odisha state will continue to try to churn out iron ore production.
U.S. trade deficit drops in February
The U.S. deficit in goods and services fell by $5.5 billion in February, down to $39.9 billion, the Bureau of Economic Analysis reported.
February exports were $207.5 billion while imports totaled $247.5 billion.
Iron ore to take a hit
Brazilian iron ore miner Vale said the iron ore price will take a hit amid falling steel demand, the Financial Times reported.
Iron ore prices have been fairly resilient in the face of impacts from the coronavirus outbreak but have started to feel the pressure of late, as MetalMiner’s Stuart Burns wrote recently.
Output to continue in India’s top iron ore state
Sticking with iron ore, a senior mines department official said India’s Odisha state will continue to keep up iron ore output despite coronavirus-related shutdowns in the country.
According to Umesh Chandra Jena, joint director of mines, India expects to maintain last year’s production level of 120 million tons, Reuters reported.