Ontario Premier on steel tariffs
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Xi, Trump and China
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China’s declining steel demand is sweeping through related markets, with prices of the coking coal and coke used in blast furnaces plunging to their lowest since 2016.
Reports suggest China's steel export surge has likely peaked due to rising trade barriers, declining domestic demand, and a shift towards emerging sectors, leading to projected drops in production and exports.
Beijing has approved more export licenses for the critical minerals and magnets in recent days, but supplies remain scarce and factories in the West are running out.
Prices of a key Chinese steel product used in construction were at their lowest since 2017 as the world’s biggest market for the metal grappled with a massive glut.
On Wednesday, a US auto parts group, MEMA, the Vehicle Suppliers Association, has urged immediate action over China's tighter controls on rare earth exports, warning the move could soon disrupt car production.
The U.S. dollar fell against other major currencies on Monday, giving up some of the previous week's gains, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to hurt growth and unleash inflation.