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 government has no plans to remove Oil Minister Bijan Namdar Zanganeh from his post, the government spokesman said on Monday.
Oil prices slipped on Monday as signs of an economic slowdown amid international trade disputes began to outweigh supply fears that were stoked by attacks on oil tankers in the Gulf of Oman last week and sent prices higher.
This was another dull week for global billet market. This week, market was observed exactly in the similar tone with the expectations. The dullness intensity of the global billet market escalated this week, even the Eid festivity did not brought any boon to the market.
The Importer and Exporter Union of Iraq’s Northern region of Kurdistan called for wider economic relations with Iranian traders, and asked for an office of Sanandaj Chamber of Commerce to be opened in Erbil, the central city of the Iraqi Autonomous Region.
The Instrument in Support of Trade Exchanges, known as INSTEX, a European Union mechanism for financial settlements with Iran, is failing to gain momentum, Russia’s permanent envoy to the EU, Vladimir Chizhov, told Tass news agency on Friday.
Due to festivity of Eid across the globe, the Iranian billet export market was reported dull sentiments this week. However, in recent, one of the leading billet producer of the country offered 30,000 MT billets at USD 390/MT FoB. The shipment is scheduled for end Jun’19.