Futures of the steel-making ingredient reached a six-week high, climbing nearly 2%, as the temporary truce in the US-China trade war held and US President Donald Trump said he is trying to open up the Asian country to American businesses. China also said substantial progress had been made in the talks, according to a coordinated joint statement on Monday.
Despite this week’s bounce, the ferrous market — which comprises steel and its raw ingredients — has been battered by the trade war as worries about the global economic outlook exacerbated the impact of weaker steel demand and upcoming production cuts in China. Even if the truce with the US holds, those concerns are set to linger.
