Demand for the key ingredient for the steel industry demonstrated signs of recovery, which provided prices, despite the fact that Trump introduced tariffs for the import of steel and aluminum, intensifying his efforts to protect the politically important industries of the US industry. He considers the revival of the US steel industry the main goal of his agenda.
According to Mysteel consulting company, the average daily volume of cast iron production, which is usually used to assess the demand for iron ore, increased by 1.3% compared to the assessment preceding the Chinese New Year holidays, and amounted to 2, 2, 28 million tons on February 5 among the surveyed steel enterprises. The markets were closed in connection with the celebration of the Chinese Lunar New Year from January 28 to February 5.
according to Mysteel, deliveries from leading suppliers of Australia and Brazil in the week ended on February 9, decreased by 32% compared to the previous week up to 18.98 million tons, which contributed to the strengthening of moods.
This helped the prices of ore overcome previous losses caused by the unwillingness to take risks after Trump introduced a 25%fee for the entire import of steel and aluminum In the United States, in addition to the existing duties for metals, which has become another serious step in the revision of the trade policy.
Tariffs will be widely applied to all the imports of steel and aluminum in the United States, including Canada and Mexico, two the largest foreign suppliers of metals to the country. Duties, which also include ready -made metal products, are called upon to stop what the administration officials called the attempts of countries such as Russia and China, to circumvent existing duties.
