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.
Every year, the United States Trade Representative is required, pursuant to the Trade Act of 1974, to provide the president, Senate Finance Committee and certain House committees with a report on foreign barriers to trade.
This year’s National Trade Estimate (NTE) marks the 35th iteration of the report and serves as a companion to 2020 Trade Policy Agenda and 2019 Annual Report.
This morning in metals news, U.S. Steel announced a number of measures in response to the coronavirus crisis and falling oil price, concerns have been raised regarding cleaning procedures at a Michigan steel mill, and Republican senators have asked President Donald Trump to roll back trade barriers amid the coronavirus outbreak.
This morning in metals news, U.S. unemployment insurance claims soared last week as the coronavirus outbreak intensified, Thyssenkrupp announced 3,000 layoffs and the United States Trade Representative (USTR) said there had been progress in enforcing some provisions of the recently signed Phase One trade deal with China.
This morning in metals news, Turkey has objected to the E.U.’s steel safeguards at the World Trade Organization (WTO) level, copper prices continue to plummet and Chinese iron ore prices took heavy losses Monday.
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.
As government entities in the U.S. battle to curb the spread of the coronavirus (COVID-19), incrementally stricter provisions on public gatherings have been implemented. Large businesses, from casinos on the Las Vegas strip to Disney World, have closed up shop.
As of 4:00 p.m. CET (Central European Time) on Monday, the World Health Organization (WHO) reported 168,109 confirmed cases in 148 countries, including 6,610 deaths.
Before we head into the weekend, let’s take a look back at the week that was and some of the coverage here on MetalMiner, including: Tesla’s reported interest in cobalt-free batteries; the oil price crash; falling aluminum prices; supply-chain challenges amid the COVID-19 outbreak; Trump’s travel suspension; and global cobalt mine production:
This morning in metals news, President Donald Trump said the travel suspension announced Wednesday night does not include trade (despite seeming to indicate as much during his televised speech Wednesday night), shareholders have approved the merger agreement for Cleveland-Cliffs and AK Steel, and Cleveland-Cliffs’ CEO said a tariff loophole could lead him to close a steel plant in Butler, Pennsylvania.
This morning in metals news, the Aluminum Association filed antidumping and countervailing duty petitions alleging imports of aluminum sheet from 18 countries are harming the U.S. industry, the British Steel takeover is set to be completed today, and the issue of steel and aluminum tariffs on Brazil remains up in the air.