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.
Iranian Industry, Mining, and Trade Ministry plans to inaugurate 200 major industrial, mining, and trade projects across the country by the Iranian calendar year of 1400 (begins on March 20, 2021), IRNA reported.
Trade between Iran and EU member states during January-March 2020 stood at €1.16 billion to register a 0.22% decline compared with last year’s corresponding period, latest data provided by the European Statistical Office show.
Iran’s deputy foreign minister for economic diplomacy expressed dissatisfaction with the volume of transactions that Tehran has been able to carry via a financial mechanism the EU has devised for trade with the Islamic Republic, known as INSTEX.
It has been few weeks since the rumors began spreading that Iran intended to ship several fuel consignments to Caracas to help alleviate Venezuela’s severe fuel problems.
Production of steel products in Iran reached 1.534 million tons in the first Iranian calendar month Farvardin (March 20-April 19), IRNA reported citing the data released by the country’s steel producers.
TEDPIX, then main index of Tehran Stock Exchange (TSE), gained 39,77 points to 1.017 million during the past Iranian calendar week (ended on Friday), IRNA reported.