Steel Products Prices North America
August 6, 2019
CRU: Iron Ore Prices Tumble Amid Escalating Trade Tensions
Written by Tim Triplett
By CRU Analyst Michelle Liu
Rising trade tensions between the U.S. and China have driven one of the largest w/w falls in iron ore prices, a drop of $21 /t w/w to $98 /t. The U.S. president’s threat of imposing 10 percent tariffs on the remaining $300 billion worth of Chinese imports last Friday has escalated trade tensions between the two nations to a new high as people do not expect a trade deal will be finalized soon. Consequently, the renminbi weakened to above RMB 7 per U.S. dollar for the first time in 11 years. Financial and commodity markets fell across the board.
