Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
US president Joe Biden will direct his administration to conduct a review of key US supply chains including semiconductors, high-capacity batteries, medical supplies and rare earth metals, CNBC reported.
The White House plans to review gaps in domestic manufacturing and supply chains that are dominated by or run through “nations that are or are likely to become unfriendly or unstable,” the CNBC report added, citing a draft of an executive order seen by the portal.
A White House spokesperson later told Reuters the information in the CNBC story did not reflect the current state of discussions. The White House spokesperson noted that its review will be aimed at ensuring these countries will not be able to weaponize US supply chains against the United States.
According to the CNBC report, though the order does not mention China, the directive is likely in large part an effort by the administration to determine how reliant the US economy and military are on Chinese exports.
The CNBC report added that the text of the executive order was being finalized and the ultimate language could vary from the current draft.
(By Aakriti Bhalla and Andrea Shalal; Editing by Chizu Nomiyama and David Gregorio)
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