Asian spot market prices for nickel ore, nickel pig iron, and stainless steel showed resilience. Meanwhile, over 50 countries have expressed interest in discussing trade policy adjustments with the U.S. government.
The impact of the introduction of reciprocal US tariffs last week has affected the nickel and iron ore market, with spot market prices for Asian nickel ore at -1.3%, nickel pig iron at -1.0%, and stainless steel at -0.23% proving resilience. Chinese commodity exchange had some catching up to do after last weekend with the new U.S. Tariffs. Over the course of the trading day, Shanghai Future Exchange (SHFE) nickel futures were able to improve by almost 3% from their initial low, and a similar increase in nickel on the London Metal Exchange (LME) Asia today.
According to media reports, more than 50 countries, including important US trading partners such as the United Kingdom, India, Japan, Vietnam, and Indonesia, have already contacted the Trump administration to negotiate a reduction in reciprocal tariffs. Taiwan and India have already offered zero percent tariffs on US imports as compensation.
27 EU ministers to discuss
The ministers responsible for trade from the 27 EU member states are discussing the possible effects of the US tariffs today, Monday. However, by far the only details received state that the EU Commission President Ursula von der Leyen is the usual cane rhetoric and she has only signalled a willingness to negotiate in passing.
Allegedly, the lack of progress in talks is considered solely due to the US side being unconvincing.
Source: Steel news