Steel prices today fell to 4,466 yuan / ton on the Shanghai Exchange. On Sunday (October 31), the US and the European Union (EU) ended their dispute over steel and aluminum tariffs.
Steel prices today fell sharply
Steel price today delivered in January 2022 on the Shanghai Exchange fell 132 yuan to 4,466 yuan/ton at the time of the survey at 9:00 (Vietnam time).
| Type name | Period | November 2nd | Difference from previous transaction |
| Copper price | Delivery in December 2021 | 70.650 | +410 |
| Zinc price | Delivery in December 2021 | 23.905 | -200 |
| Nickel price | Delivery in December 2021 | 145.920 | +800 |
| Silver price | Delivery in December 2021 | 4.922 | +56 |
| Steel price | Delivery in December 2021 | 4.466 | -132 |
Iron ore chart at Shanghai exchange (Source: Shfe)
A future EU-US deal will be a challenge for China – a country that produces more than half of the world’s steel, which the EU and US accuse of creating overcapacity, threatening the country’s economy. existence of the steel industry.
Speaking at a joint event with the head of the European Commission Ursula von der Leyen on the sidelines of the G20 Summit, US President Joe Biden said: “The US and the EU have achieved a major breakthrough in resolving the issue. the existential threat of climate change, while protecting American jobs and American industry.”
Under the deal, Washington will allow EU countries to be exempt from tariffs on steel and aluminum exports to the US in volumes equivalent to those shipped before the Trump administration imposed tariffs in 2018. .
In response, the EU removed retaliatory tariffs on US products including whiskey, electric boats and Harley-Davidson (NYSE:HOG) motorcycles.
Photo: MC Group
But instead of just returning to the status quo from 2018, the US and EU have a plan to deal with climate change and overproduction in the steel industry – one of the largest CO2 emitters in the world. gender.
The White House said: “The US and EU will work together to limit their markets access to ‘dirty’ steel and limit access to countries dumping steel in the market, contributing to preventing this situation. oversupply around the world”.
Speaking to the press, Mr. Biden explained more clearly that the deal with the EU would help limit US market access to “dirty” steel coming from countries like China, Reuters reported. .
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