The price of iron ore is on its way to its biggest weekly loss since November, as the possibility of imposing more US customs duties on China renewed fear of the global trade war, which weakened the investor moral in the industrial mineral market. The future contracts for iron RU used in the steel industry have dropped to less than $ 103 per ton for the first time since the beginning of the month. Customs duties on China announced on Thursday that it would impose an extra tax of 10% on Chinese imports, with the previous customs duties with 10% he imposed earlier this month. These ads caused disorders in the financial markets on Friday. BMI analysts, a Fitch Solichns unit, wrote in a research note on Friday: “The long -term expectations are still negative, as customs tariffs are expected to affect the market, increasing the power of the US dollar and the pressure on minerals,” BMI analysts, a Fitch Solichns on Friday. The future Iron -Ru contracts fell 1.3% at 11:37 pm by 1.3% to $ 102.95 per ton, on the way to a weekly decrease by 5%. The contracts living in the yuan also dropped in Dalian, as well as steel prizes in Shanghai. Trading and mineral war The trading of basic minerals on the London mineral exchange also affected the state of reluctance to the risk that the financial markets swept this week, following Trump’s latest threats to impose customs. The price of buyer fell 0.3% on Friday, on the way to a weekly decline by about 2%. Aluminum is also on their way to register a similar decline during the week. “In the worst scenarios, customs duties can attract the fear of recession in the United States,” said Joau Yen, an analyst at the company, “Shuohet Management”.
The price of iron is on its way to a heavy weekly loss, and the question is damaged by Trump
