This Morning in Metals: U.S., China Could be Approaching Deal on Tariffs
This morning in metals news, the Wall Street Journal reports the U.S. and China are approaching a deal to roll back tariffs imposed over the last year, the Steel Authority of India Ltd. (SAIL) boosted iron ore production last month and iron ore prices are on the rise.
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A Trade Resolution?
Global markets have followed every twist and turn in the ongoing U.S.-China trade talks with bated breath.
The two countries have imposed a total of $310 billion worth of tariffs on each other’s goods since last summer, injecting uncertainty into markets and raising concerns about the moves’ impact on growth.
However, this weekend the Wall Street Journal reported the two countries might be nearing a deal to roll back the tariffs, Reuters reported. According to a source cited in the report, the countries may ink the deal during a summit later this month.
SAIL’s Iron Ore Production Soars
The Economic Times reported SAIL’s February iron ore production jumped 11.62% year over year.
The state-owned steelmaker posted an all-time record in daily average output, producing 66,620 tons per day.
Iron Ore Prices
Iron ore prices are surging, Business Insider Australia reported, partially on policy news from China’s biggest steelmaking city.
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According to the report, the city of Tangshan issued a smog alert that curbed industrial activity, which thus offered price support to higher grades of iron ore.
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