Steel prices fell on fears of the beginning of trade wars

On Tuesday, the fall in prices for steel and iron ore hit record lows since March this year on the background of increased fears of the beginning of trade wars. In Shanghai, futures for steel reinforcement fell 4.3% at a record pace since March 29, Bloomberg reports. Prices for iron ore on the Dalian Exchange fell by 6.4%, noting the maximum drop since March 23. The cost of hot-rolled steel in Shanghai fell by 3.1%. On Monday, US President Donald Trump said he was ready to impose 10 percent duties on imported Chinese goods for another $200 billion.

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