- Steel Futures Hit a Record High
- Joe Biden: ”We’re Still Digging out of an Economic Collapse that Cost us 22 Million Jobs.”
- 3 Chinese Telecom Companies to be Delisted by NYSE
Steel Futures Hit a Record High
Iron ore and steel futures reached a record high after China announced a series of tightening measures on Friday, announcing a series of measures on Friday to tighten controls on steel capacity to curb pollution in key areas and reduce “blind investments and disorderly constructions.”
Iron ore futures in China rose by 10% to a record high. On the other hand, Steel futures increased by 6% and experienced an increase in the transaction limit.
On the Dalian Commodity Exchange, iron ore for September broke the record at 1,326 yuan ($206.20) per ton.
On the Singapore Exchange, the June contract of iron ore leaped 10.3% to $226.25 a ton.
“At present, market participants are trading iron ore derivatives like cryptocurrency … not based on fundamentals, just pure momentum,” Navigate Commodities Managing Director Atilla Widnell said.
Analysts pointed out that the sharp increase in iron ore and steel futures was primarily due to speculative trading. Some steel mills stopped purchasing materials at such high prices, while traders were buying goods in the spot market.
Rebar and hot-rolled coil prices on the Shanghai Futures Exchange rose from the higher limit, trading at 6,012 yuan ($935,20) and 6,335 yuan ($985,44) per ton.
Highlighting China’s rising demand, Commonwealth Bank of Australia Commodity Analyst Vivek Dhar stated that iron supply is still far from meeting strong demand.
Joe Biden: ”We’re Still Digging out of an Economic Collapse that Cost us 22 Million Jobs.”
A disappointing jobs report released Friday by the Labor Department is posing the most significant test yet of President Biden’s strategy to revive the pandemic economic recovery.
Stating that more than 1 million 500 thousand new jobs have been created since he took office, Biden noted that it is the most employment provided in the first three months of a president in the country’s history.
When asked about the comments that increased unemployment benefits with the support package implemented within the scope of combating the new type of coronavirus epidemic, reducing the return to work, Biden replied that he did not believe this and that it was not measurable.
“Our efforts are starting to work,” he said. “But the climb is steep, and we’ve got a long way to go.”
“We’re still digging out of an economic collapse that cost us 22 million jobs,” he said.
Besides, while answering the questions, US President Joe Biden said the continued presence of Russian troops along the Ukrainian border had not deterred him from wanting to sit down with Russian President Vladimir Putin for a potential summit.
As for whether Biden will hold a private meeting with Russian President Vladimir Putin during his visit to London and Brussels in June, he noted, “I am sure we can meet. But the place and time of the meeting are not yet clear. This issue is being worked on.”
When asked if he believes Iran is serious about the nuclear talks in Vienna, Biden said, “Yes, I believe that, but it is a different story how serious Iran is and what it is ready to do. Our talks are continuing.”
3 Chinese Telecom Companies to be Delisted by NYSE
China’s big three telecom carriers lost their appeals against being delisted from the New York Stock Exchange, which moved to delist them to comply with a Trump-era investment ban.
In separate announcements earlier on Friday, China Mobile Ltd (0941.HK), China Unicom (0762.HK), and China Telecom Corp (0728.HK) said they expect the NYSE to notify regulators of their delistings after the companies unsuccessfully appealed the move. NYSE did not make a statement on the subject.
According to the US, Mr. Trump signed an executive order in November prohibiting Americans from investing in Chinese companies that assist China’s military, intelligence, and security services.
The delistings are the result of investment restrictions placed on Chinese technology companies by former US President Donald Trump. Facing business objections, President Joe Biden has kept the rules in place amid ongoing tensions between the world’s two largest economies.
According to the information provided by Chinese companies, the delisting will be applied ten days after the NYSE submits Form 25 to the SEC.
The trio said Friday that investors might swap outstanding ADRs (American Depository Receipts) for Hong Kong shares by returning them to the Bank of New York Mellon.
Smaller American investors who owned ADRs in Chinese companies and didn’t sell them until Mr. Trump’s order went into effect in January are now stuck with shares they can’t exchange. Since their brokerages do not fund foreign brokerage accounts, such investors have been unable to exchange their ADRs for Hong Kong shares.