The G20 Summit, which takes place in Osaka, Japan, this weekend has cast a shadow over the Asian ferrous metals markets.
Market participants are hoping a quick resolution to the trade war between China and the United States will provide much-needed relief both for steelmakers and downstream buyers at a time of squeezed margins and weak demand.One of the key themes at the summit will be trade and investment, and the Japanese prime minister and current president of the G20, Shinzo Abe, will lead his global counterparts in working towards resolving the blocks to international trade and restoring confidence in the multilateral trading system. The unilateral tariffs and high raw materials in the Asian steel markets have significantly dented confidence so far in 2019, and this has been exacerbated by muted demand from the downstream manufacturing, home appliances and building & construction sectors.A key G20 delegate will be US president Donald Trump, who has threatened an additional 25% tariff on Chinese imports, worth up to $300 billion, if summit talks break down. That's in addition to the 25% tariffs currently being imposed on $250 billion of...