IRON and STEEL
President Donald Trump took a victory lap on Twitter Friday, saying aluminum prices are down about 12% since his tariffs were implemented.
While Trump’s figure is mostly accurate, as far as the price of the metal trade on the London Metal Exchange is concerned, the President failed to point out that the impact of tariffs were reflected mostly in added cost U.S. buyers pay to have the metal delivered. Those premiums soared 26% since he announced the levies on shipments on March 1, 2018, muting the impact of lower global prices.
The price of the metal traded in London has tumbled 12.8% amid mounting concerns that a persistent trade war between the U.S. and China may slow global growth, crimping demand for industrial metals including aluminum.
Trump also cited the jobs he created. While Century Aluminum Co. added 205 jobs last year, that’s not enough to make up for the 600 jobs lost at Alcoa Corp., the largest U.S. aluminum producer. In total, the industries involved in making the refined metal added 300 jobs from April to January, according to Emily Crowley, a principal economist at IHS Markit in Washington.
The creator of one of the world's largest indoor rainforests, UK-based charity The Eden project, has partnered with aluminum giant Alcoa (NYSE:AA) to build a $150 million eco-tourism attraction at the company’s former Anglesea coal mine, in Australia.
The total amount of Iran’s petrochemical exports in the first Iranian month of Farvardin (March 21 – April 20) increased by 18 percent compared to the same period last year despite the US sanctions, data released by the Customs Office showed.
A meeting between Syrian economic officials and an Iranian delegation was held in Damascus on Wednesday to discuss economic cooperation between the two countries.
Iran traded 44,668 tons of non-oil commodities worth $79 million with Lebanon during the last fiscal year (ended March 20, 2019) to register a 122.44% growth in tonnage and 38.23% decline in value compared with the year before, data released by the Islamic Republic of Iran Customs Administration show.
In conversation with industry participants, SteelMint learned that imported scrap offers to Bangladesh have further fallen this week on the account major correction in global levels along with slow sales of domestic finished steel.
Ongoing elections, rising inventory among traders, poor sales volumes, low liquidity along with dull demand continued to keep domestic HRC market under pressure.