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China-US Trade War Vends $57 Billion in the World's Top Mining Shares Within Two Weeks
On Tuesday, Trump threatened to impose a 10% tariff on 200 billion U.S. dollars worth of Chinese goods in retaliation for what the American president called "predatory" trade. Beijing has also stepped up its remarks on the "extreme pressure and extortion" of the United States.
Because of its widespread use in industry, transportation, electricity networks, and construction, copper fell to $3.036 per pound, or $6,700 per ton, as a barometer of economic prospects, and fell more than eight since it hit four-year highs two weeks ago. % or $600.
Nickel prices were affected by the weakness of the industry on Tuesday and fell 6% to a record of US$14,820 per ton after the multi-year highs hit earlier in June. Of the industrial metals, only nickel remained positive during the year. The 8% drop in zinc price so far this year is the worst performer, as prices have fallen slightly above $3,000 per ton.
After the United States imposed sanctions against Russia and imported tariffs from China, Europe, Canada, and other countries, aluminum prices have already given up all the benefits of the sharp rise.
The Chinese market consumes more industrial metals and minerals than the rest of the world. The country’s imports of seaborne iron ore account for more than two-thirds of the global seaborne iron ore.
According to Metal Bulletin, the import prices of steelmaking raw materials fell by 3% to US$66.45 per tonne on Tuesday. To the current position, iron ore prices have fallen by 9%. This year, the benchmark Australian export prices for high-quality steelmaking coal are slightly lower than US$200 per ton, but have fallen sharply since the US$250 hit in May.
The sluggish metal market spread to many big names in the industry and the stock price fell across the board on Tuesday. Over the past two weeks, the market value of top diversified and industrial mining companies has decreased by a total of US$57 billion (see chart). China Luoyang Molybdenum Industry, Anglo American Resources and Vale's decline is the most obvious.
China's May Mining Industry Index presents an upward trend overall