Aluminum, steel most exposed metals to Trump tariffs, Citi says
A 25% tariff as announced by Trump on Monday would likely cause steel prices to rise by $100 to $150 a short ton, the analysts said.
The China Iron and Steel Association (CISA) said on Tuesday that iron-ore discharging difficulties and port congestion issues are likely to ease in mid- or late-August as the weather improves and the coronavirus is under control.
The number of iron ore vessels stuck at ports has increased recently due to increment weather conditions, restrictions to contain the pandemic and ships arriving at the same time, according to the CISA, disrupting flows of the key steelmaking ingredient.
Iron ore vessels awaiting discharge at Chinese ports were carrying a combined 17.46 million tonnes of iron-ore as of August 11, according to vessel-tracking data compiled by Refinitiv.
The most traded iron ore futures contract on the Dalian Commodity Exchange has surged 22.7% since July.
The steel association said it had reported issues to the Ministry of Transport and the ministry is taking measures to help ease congestion.
(By Min Zhang and Tom Daly; Editing by Susan Fenton)
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