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.
Jingtang and Caofeidian ports in north China's Tangshan steel production hub have prevented trucks not meeting stricter fuel emissions standards from transporting goods over 22-29 July, adding to supply disruptions.
Foreign entities have shown interest in investing in Chabahar port in Southeastern Iran, and 11 investment agreements have been signed to be implemented by the end of this Persian year, Director General of Ports and Maritime office of Sistan and Baluchestan Behrouz Aqaei said.
The Iranian Mines and Mining Industries Development and Renovation Organization is pursuing plans to expand mineral explorations to cover 300,000 square kilometers by the end of the second term of President Hassan Rouhani (August 2021), says deputy minister of industries, mining and trade.
Guinea has launched an international tender for blocks 1 and 2 of Simandou, giving companies until Aug. 2 to outline their bids, as the country seeks to revive interest in the world’s largest undeveloped iron ore deposit.
Iran's Foreign Ministry spokesman says an urgent meeting of the Joint Commission on the implementation of the Iran nuclear deal will be held at the level of political deputies and directors in the Austrian capital city of Vienna in late July.
During weekdays ending up to July 18, while 589,761 million tons (MT) of commodities worth over $642 million were traded at Iran Mercantile Exchange (IME), the trading volume and value experienced a growth of 46 percent and 37 percent, respectively.