Never miss an important update
Click to get notified about important updates only.
Opportunities are Infinite
The US-China trade war was not resolved in the first week of May. Since May 5, the price of yuan against the USD declined 2.7% to CNY 6.918/USD, where several experts predict a much steeper decline may be apparent soon that will make ores more expensive and steel prices more contentious.
The iron price hovered at $100 a ton on May 20, 2019, which increased pressure on China’s currency. There are many other positive and negative developments related to it, where the Singapore exchange settled the June future price of ores at $98.42/t on Monday.
The market was on holiday on the day, but the futures were traded in the absence of many traders. China expects the price to remain in a range bound and claims the price cannot increase due to higher production. Moreover, its price cannot fall due to the decline in inventories.
Trump had imposed 25 per cent tariffs on metal imports from Canada, Mexico, and other countries, where he said he was trying to protect the domestic steelmakers and factory workers by imposing the taxes.
However, the change in regulation hit many local firms who had to pay in excess to get these metals from international markets. Hence, the steel and aluminium tariffs were removed, and lawmakers and businesses applauded the step.
The US had imported these metals worth $14 billion from Canada last year, and the tariffs led to retaliation steps from Canada where tariffs of 10-25 per cent were imposed on $13 billion American goods in categories - metals, electronics, and food items.
Both countries agreed not to import the metals below market prices or from those suppliers who produced them through unfair subsidies.
It prevented shipments from China to the US through Canada.
The US president had faced heavy bipartisan criticism for imposing taxes on Canada. He recently announced the agreement with Canada and Mexico, where he said the trade agreements would promote exports without major duties.
The three countries designed the revised NAFTA agreement or USMCA, which will be presented to Congress soon.
The step of lifting tariffs on neighbouring countries may reduce regional trade tensions.
We imposed additional sanctions against Iran in the base metal sector, which includes steel, iron, copper, and aluminium.
These metals generate non-petroleum-related export revenue for Iran, and the sanctions will apply to people or entities operating or engaging in the sale, supply, or transfer of goods (or services) in the metals to Iran.
A phase of 3 months from May 8 has been granted to the entities involved in such business to wind down operations. These secondary sanctions apply even to non-US firms/ people. With the new announcements, the sanctions on Iran now include - petrochemicals, metals, and oil.
From liquifying your asset to any time you want to have...
Impact investing in real estate is a growing trend with...
Whether buying your first home or selling your...
What is better Silver or Sterling Silver? We all know...
How much do Twitch Streamers Make? Man is fun-loving...
Shorting a stock is one of the most outstanding...
Copyright © 2023 99alternatives Ltd. All rights reserved.
Designed and Managed by Mont Digital