Steel drops more than 3% as US-China trade war intensifies

Steel prices fell during today's trading as the markets followed the implications of the trade between the US and China and the impact on metals and commodities.

Bloomberg reported today that the Chinese government has ordered state-owned companies to stop the US agricultural commodities purchases.

The news agency pointed that China explained the decision as temporary until the pace of the trade talks between the two countries is more clear.

Trump's administration has announced that starting from September 1st, it will start imposing additional tariffs on Chinese goods worth $300 billion.

Trump said that the decision is due to China's stalling and its postponement of an agreement, while not abiding by its pledges, to extend the negotiations until the end of the US 2020 Presidential elections.

Meanwhile, as of 14:30 GMT, steel fell by 3.3% to $979.3 per tonne, with a high at $1012.8 and a low at $978.8.