Metal Bulletin reviews the major stories that have affected the steel market over the past week.
Increasing trade tensions between the United States and China had significant repercussions on the global steel markets on Friday March 23.Ferrous futures in China plunged during the morning trading session, with both countries announcing tariffs on each other's products.China has announced plans to impose tariffs on about $3 billion-worth of US-origin goods, including seamless steel pipes and aluminium scrap.China was considering measures to "balance out the losses caused to Chinese interests" by the US' imposition of blanket tariffs - 25% on steel imports, 10% on aluminium imports - that US President Donald Trump announced earlier this month following the country's Section 232 investigation.Prices for seaborne coking coal and iron ore fell further on Friday, with Metal Bulletin's 62% Fe Index dropping below $65 per tonne cfr Qingdao.Chinese rebar and hot-rolled coil (HRC) prices have also declined, in the light of falling futures and the international trade...