This Morning in Metals: Could a Biden administration revisit tariffs on China?
This morning in metals news: Reuters reported Democratic presidential candidate Joe Biden could revisit the status of the U.S.’s tariffs on China imposed by President Donald Trump; miner Fortescue released its quarterly production report; and tin prices have retraced over the last week.
The MetalMiner 2021 Annual Outlook consolidates our 12-month view and provides buying organizations with a complete understanding of the fundamental factors driving prices and a detailed forecast that can be used when sourcing metals for 2021 — including expected average prices, support and resistance levels.
Could Joe Biden reconsider tariffs on China if he becomes president?
Per a Reuters report, Democratic presidential candidate Joe Biden would consult with U.S. allies before deciding on what to do vis-a-vis the tariffs the Trump administration has imposed over the last few years.
Between July 2018 and August 2019, the U.S. announced plans to impose tariffs on more than $550 billion worth of Chinese goods.
Fortescue releases quarterly production report
Australian iron ore miner Fortescue released its quarterly production report, reporting iron ore shipments of 44.3 million tonnes during the quarter ended Sept. 30.
The total marked a 5% increase from shipments posted during the same quarter in 2019.
For fiscal year 2021, the miner posted iron ore shipment guidance of between 175 million and 180 million tonnes.
Tin price rise slows
Like other metals, the tin price had been rising quite a bit this year.
LME tin hit a 2020 nadir of around $13,400 per metric ton in late March. However, the LME tin price rose as high as $18,555 per metric ton Oct. 20.
The tin price, however, has retraced since then.
LME three-month tin closed Wednesday at $17,961 per metric ton, down by over 3% from the aforementioned peak.
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