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Stocks in Asia fell as China's weakness contributed to a risk-off sentiment following the release of Federal Reserve meeting minutes indicating that interest rates will remain high for a longer period. Regional shares declined in Australia, South Korea, and China, while Japan's Topix Index turned higher after early losses. US stock futures were flat in Asia after the S&P 500 and Nasdaq 100 experienced consecutive daily declines. Attention now turns to upcoming US jobs data, with swaps traders adjusting their rate cut bets after the Fed's December meeting. Chinese stocks were the biggest drag in Asia, despite a private gauge showing an increase in the country's services activity. Chinese government bond yields fell to their lowest in over three years, and the offshore yuan remained steady. The region's semiconductor and technology stocks also declined, tracking the selloff on Wall Street. The Japanese yen weakened against the dollar, and the recent earthquake in Japan is putting pressure on the central bank's plan to abolish negative interest rates. Treasuries steadied in Asian trading after a decline on the worst opening day of the year, and US manufacturing data showed continued contraction. Geopolitical tensions in Iran and disruptions in Libya supported oil prices. Bitcoin and gold saw slight gains. [Extracted from the article]

Aluminum prices have increased due to China's removal of an export tax rebate, which may tighten global supplies. The weakening dollar has also supported metal prices overall. Other metals like copper, nickel, and zinc have also seen price increases, with iron ore and steel prices on the rise as well. This shift in the market has been influenced by China's tax changes and the currency exchange rates. [Extracted from the article]

The US Commerce Department has increased tariffs on Nippon Steel Corp. for selling hot-rolled steel below normal value in the US from October 2022 to September 2023. This decision was part of an annual review of a dumping case initiated by US steelmakers in 2016. Nippon Steel made promises to US Steel workers not to ship steel slabs from overseas as part of a proposed takeover, but the timing of the tariff increase could be used politically. The Japanese steelmaker has stated its commitment to complying with US trade laws, and the decision is not directly related to the pending Committee on Foreign Investment in the US (CFIUS) decision. [Extracted from the article]

The US Commerce Department has increased tariffs on Nippon Steel Corp. for selling hot-rolled steel in the US below normal value from October 2022 to September 2023. This decision was part of an annual review of a dumping case initiated by US steelmakers in 2016. Nippon Steel's promise not to ship steel slabs from overseas mills as part of its proposed takeover of United States Steel Corp. coincided with the tariff increase, potentially impacting the deal's approval by the Committee on Foreign Investment in the US. The decision to raise tariffs on Nippon Steel comes amidst broader trade tensions and President-Elect Donald Trump's trade policy promises. [Extracted from the article]

The US Commerce Department has increased tariffs on Nippon Steel Corp. for selling hot-rolled steel in the US below normal value, with a dumping margin of 29%. This decision coincides with Nippon Steel's promise not to ship steel slabs from overseas mills as part of its proposed acquisition of United States Steel Corp. The Commerce Department's annual review of the dumping case, initiated in 2016, revealed the tariff increase, which would significantly impact Nippon Steel's hot-rolled steel products. The report does not disclose the actual volume of illegally dumped steel, and the timing of the decision is unrelated to the pending response from the Committee on Foreign Investment in the US (CFIUS) regarding the US Steel deal. [Extracted from the article]

China's steel exports have surged due to a surplus caused by a property crisis, leading to dumping accusations and fears of protectionism under a potential re-election of Donald Trump. The industry's reliance on exports may not be sustainable as steel consumption in China is declining. Chinese steel is primarily being exported to developing economies, but even these markets are becoming saturated, prompting trade barriers. The volume over value strategy of Chinese steel exports may pose challenges if demand cannot keep up with production. [Extracted from the article]

The International Methane Emissions Observatory is expanding its program to monitor methane emissions from coal mines supplying steel mills. Methane emissions from metallurgical coal production contribute significantly to the steel industry's climate impact. Companies like Anglo American Plc and BHP Group Ltd. are working on reducing methane pollution, but addressing all fugitive emissions will require significant technological advancements. The IMEO's alert program aims to raise awareness about emissions and encourage action from companies and policymakers, although only 1% of cases have received substantive responses so far. [Extracted from the article]

China is moving towards liberalizing its electricity market by the end of the decade, with Zhejiang province proposing to open 10% of the market to spot trading alongside fixed contracts. This initiative aims to allow wind and solar generators to compete with coal-fired power plants, potentially leading to cheaper electricity during peak demand. The broader goal is to establish a nationwide market by 2030 to facilitate real-time electricity trading across the country. Other Chinese provinces are also developing similar power trading plans, aligning with global efforts to promote clean energy profitability and availability. [Extracted from the article]

China's copper market is in need of more economic stimulus to boost demand, as the government's recent measures have not been sufficient to revive growth. Despite offering significant financial support, copper prices have dropped due to concerns over the lack of direct fiscal support from Beijing. The market is facing challenges such as domestic oversupply, potential tariffs on Chinese goods, and a slowdown in demand growth, which could peak by the end of the decade. Eagle Metal International Pte, a major importer of copper in China, is exploring opportunities in other countries like Vietnam and South Korea to meet rising demand from electric vehicles. [Extracted from the article]

Chinese copper smelters are expanding rapidly, leading to concerns about the industry's profitability and the future of copper refining worldwide. Despite calls to curb production, China continues to increase its refined copper output, potentially crowding out operations in other countries. The situation will be discussed at Asia's largest copper industry gathering in Shanghai, where smelters face challenges due to an oversupply of capacity. The industry is grappling with overcapacity while trying to balance economic growth and job protection, with Chinese producers potentially weathering the conditions better than others due to cost advantages and state-owned dominance. [Extracted from the article]

China's recent economic rescue plan focused on restructuring local government debt, providing a $1.4 trillion bailout, but did not include direct stimulus measures to boost domestic demand. This has left global commodities markets in a holding pattern, with copper, iron ore, and crude oil prices falling after the announcement. Analysts are uncertain about the impact on different commodities, with base metals like copper and aluminum potentially benefiting more than construction materials like steel. The plan aims to support existing programs to upgrade equipment and trade in consumer goods, but structural shifts in the economy may limit the long-term impact on commodity demand. [Extracted from the article]

Chinese raw materials imports increased in October, despite a slowing economy, with coal imports maintaining record levels and iron ore imports staying above 100 million tons. Crude oil imports dropped due to weakened refining activity, while steel exports surged to soak up domestic oversupply. Copper imports also rose to meet demand, while soybean imports remained strong but slowed due to high inventories. The government's stimulus measures are expected to support commodities purchases in the coming months, as markets anticipate a boost to consumption amidst trade challenges. [Extracted from the article]

The world's largest cobalt miner, CMOC Group Ltd., is concerned about the diminishing role of cobalt in electric vehicle batteries, as cheaper cobalt-free alternatives gain traction. The company predicts that the proportion of EV batteries containing cobalt will continue to decline significantly. This shift has led to a surplus of cobalt in the market, causing prices to drop to their lowest level since 2016. Despite ramping up production, CMOC is facing challenges due to the impact of lower cobalt prices on its profits. [Extracted from the article]

Shanghai aims to become a hub for greener shipping by increasing its capacity to supply cleaner fuels in preparation for stricter global emissions regulations. China is competing with Singapore in the bunkering industry, with both countries targeting 1 million tons of low-carbon methanol by 2030. China's advancements in renewable energy, particularly in solar and wind power, position it well to lead in the production of hydrogen-based fuels like methanol and ammonia. The China Classification Society forecasts significant growth in green ammonia and methanol production by 2050, indicating a shift towards more sustainable shipping practices. [Extracted from the article]

China's top coal producers are shifting towards power generation as coal prices decline and China focuses on low-carbon initiatives. Companies like China Shenhua Energy Co. and China Coal Energy Co. are facing profit pressures due to oversupply in the coal market. Shenhua has reduced coal production and invested in solar power, while China Coal Energy is expanding its thermal power plant operations. Despite challenges in the power sector, such as competition from renewables, these companies are adapting to meet China's climate targets. [Extracted from the article]

Fortescue Ltd. has highlighted potential supply challenges in the iron ore market, emphasizing that existing mines are facing output declines and new deposits have shorter mine-lives. The company's metals chief, Dino Otranto, pointed out that regulatory hurdles in Australia's Pilbara region are also contributing to supply issues. Additionally, concerns about China's slowing economy and plateauing steel demand could impact iron ore prices in the future. Fortescue is exploring the Belinga project in Gabon, which is considered one of the last undeveloped high-grade iron ore deposits globally. [Extracted from the article]

Chinese steel and oil industries are facing significant losses due to the nation's economic slowdown, with steelmakers and oil processors experiencing deepening losses. Steel mills are cutting output to protect margins amidst a property crisis, while oil refiners are reducing runs due to weak fuel demand and the rise of electric vehicles. Other commodities producers are also feeling the pressure of overcapacity and a tepid economy, with coal mining profits dropping and chemical-makers seeing income fall. Investors are favoring Chinese assets in anticipation of more stimulus, while Beijing's measures to stimulate the economy are closely monitored for their impact on raw materials demand. [Extracted from the article]

Chinese steel mills and oil refiners are facing significant losses due to the nation's economic slowdown, with steelmakers and crude oil processors experiencing deepening losses. Steel mills have reduced output to protect margins amidst China's property crisis, while oil refiners are cutting runs due to weak fuel demand and the rise of electric vehicles. Other commodities producers are also feeling the impact of the tepid economy and overcapacity, with coal mining profits dropping and chemicals-makers seeing income fall. Beijing's efforts to stimulate the economy are being closely monitored for their impact on raw materials demand, with oil consumption expected to see a modest increase. [Extracted from the article]

The article discusses a wind power crisis that is hindering the world's goal of increasing renewable energy capacity. While solar installations have surged ahead, wind progress has been slower due to bottlenecks in the industry, such as equipment shortages and permitting issues. The differences between solar and wind technologies are highlighted, with solar's convenience and lower costs contributing to its rapid growth compared to wind. Despite challenges, efforts are being made to accelerate wind projects and meet the target of tripling renewable energy capacity by the end of the decade. [Extracted from the article]

Asian equities rose as China's economic data exceeded expectations and the central bank announced a stock buyback program. Taiwan Semiconductor Manufacturing Co.'s strong earnings boosted chipmakers, while Japan, Australia, and South Korea saw mixed equity performances. The US economy showed strength, leading to reduced bets on Federal Reserve rate cuts, and gold hit a new record amid Middle East tensions. The PBOC's relending mechanism and China's supportive measures also influenced market movements. [Extracted from the article]

Asian equities rose as China's economic data exceeded expectations and the central bank announced a stock buyback program. Taiwan Semiconductor Manufacturing Co.'s strong earnings boosted chipmakers, while Japan, Australia, and South Korea saw mixed equity performances. The US economy showed strength, leading to reduced bets on Federal Reserve rate cuts, and gold prices hit a new record amid Middle East tensions. The article also highlighted key market moves and upcoming events, providing a comprehensive overview of the current financial landscape in Asia and the US. [Extracted from the article]

Asian equities rose as China's economic data exceeded expectations and the central bank announced a stock buyback program. Chipmakers' gains, particularly Taiwan Semiconductor Manufacturing Co.'s strong earnings, contributed to the positive market performance. The US economy also showed strength, with retail sales surpassing expectations, leading to reduced bets on Federal Reserve rate cuts. Gold prices climbed amid Middle East tensions, while US crude prices edged higher. [Extracted from the article]

Extreme weather conditions in China have led to a potential significant drop in the corn harvest, with estimates ranging from 5 to 20 million tons less than the previous year's record harvest. Despite this, the market remains saturated with plentiful stockpiles and sluggish demand, keeping prices low. The impact of the harvest shortfall on imports and the wider economy will depend on Beijing's stimulus measures and future climate challenges. [Extracted from the article]

Extreme weather conditions in China have led to a potential significant drop in the corn harvest, with estimates ranging from 5 to 20 million tons less than the record 289 million tons harvested last year. Despite this, the market remains stable due to ample stockpiles and weak demand. The impact on prices is minimal, and China's imports are expected to decrease, affecting farmers in the Americas who supply the country. The government's economic stimulus measures may influence future demand, while climate challenges could continue to impact harvests in the long term. [Extracted from the article]

China is expected to continue its record-breaking aluminum output for the rest of the year, with a 3% increase in the fourth quarter to 11 million tons. The surge in production is attributed to abundant electricity supplies in Yunnan, a key production base in the country. Despite a slowing economy, demand for aluminum remains strong due to its applications in clean energy and power transmission. [Extracted from the article]

China is expected to continue its record-breaking aluminum output for the rest of the year, with a 3% increase in the fourth quarter compared to the previous year. This forecast is based on the assumption that smelters in Yunnan will not face production cuts due to sufficient electricity supplies. Despite a slowing economy, demand for aluminum remains strong due to its applications in clean energy and power transmission. The availability of hydropower and coal in Yunnan, as well as China's stockpiles of coal, mitigate the risk of power outages. The market for aluminum is expected to remain tight due to rising consumption from electric vehicles and solar power. [Extracted from the article]

Chinese firms and banks are continuing to support the expansion of coal power plants overseas, despite President Xi Jinping's promise to end the practice three years ago. According to a report by the Centre for Research on Energy and Clean Air, 8.6 gigawatts of previously unannounced Chinese-backed coal-fired power plants have entered construction or the pre-permitting phase in Southeast Asia and Africa in the past year. While China has successfully canceled 43 gigawatts of new projects, another 26 gigawatts of plants that were already underway at the time have come online. This raises concerns about the enforcement of China's pledge and the potential for significant carbon dioxide emissions. [Extracted from the article]

Commodity prices stabilized after China announced plans to provide more support for its economy. While specific spending plans were not revealed, the finance ministry's commitment to bolstering growth reassured investors. The government's focus on addressing the property sector crisis, which is crucial for commodities demand, was particularly welcomed. However, the impact on other commodities such as copper, crude oil, and grains was more muted. The briefing also highlighted the need for further policy support due to deflationary pressures and sluggish demand. [Extracted from the article]

Commodities prices have stabilized after China announced plans to provide more support for its struggling economy. While the finance ministry did not reveal specific spending plans for fiscal stimulus, investors were reassured by the government's commitment to bolster growth. This includes assistance for the property sector, which is a major driver of commodities demand in China, as well as support for heavily indebted local authorities. The government's focus on addressing the housing crisis is expected to be welcomed by markets, as housing is an important store of wealth for Chinese citizens. However, the briefing did not provide many new details on how the government plans to increase consumer spending. The extent of China's economic challenges was highlighted by recent price data, which showed deflationary pressures. The scale of the government's support will likely determine the future direction of commodities markets. [Extracted from the article]

South Korea has initiated an anti-dumping investigation into the import of stainless steel plates from China, potentially leading to trade barriers. The investigation was prompted by a complaint from South Korean company DKC, alleging that the products were being sold below fair market value. This action reflects South Korea's concerns about the impact of cheap Chinese imports on its economy. Similar backlash against Chinese goods has been observed in the US, South America, Japan, Indonesia, Malaysia, and Vietnam. China has previously retaliated against such actions with its own probes. [Extracted from the article]

The prices of vegetables in China have surged due to disruptive weather and logistical issues, such as the impact of Typhoon Bebinca. This increase in vegetable costs may affect household spending on other items and slow down China's economic recovery. Wholesale prices of vegetables have risen significantly, with some individual items, like green peppers, becoming twice as expensive. Extreme weather conditions, including heatwaves and heavy rains, have disrupted farming regions and delayed produce from arriving at markets. Further bad weather is expected, which may pose additional challenges for vegetable producers. [Extracted from the article]

Iron ore prices have fallen due to concerns about China's struggling economy, which is the world's largest importer of the steel-making material. Local governments in China have reduced spending and the youth jobless rate has reached its highest level this year. Iron ore prices have dropped by over a third this year, as the property crisis in China has affected consumption, while supplies from major miners remain strong. Despite China's efforts to stimulate growth, prices continue to decline. Other base metals, such as aluminum, nickel, copper, and zinc, have also experienced decreases in price. [Extracted from the article]

Iron ore prices have fallen due to concerns about China's struggling economy, which is the world's largest importer of the steel-making material. Local governments in China have reduced spending and the youth jobless rate has reached its highest level this year. Iron ore prices have dropped by over a third this year, as the property crisis in China has affected consumption, while supplies from major miners remain strong. Despite China's efforts to revive growth, the declines in iron ore prices have continued. [Extracted from the article]

Iron ore prices have fallen due to China's struggling economy, which has raised concerns about the demand for the steel-making material. Local governments in China have reduced spending and the youth jobless rate has reached its highest point this year. Iron ore prices have dropped by over a third this year, primarily due to a property crisis in China and reduced production by steelmakers. Other base metals on the London Metal Exchange have also experienced declines. [Extracted from the article]

China's steel production in August 2024 dropped by over 10% compared to the previous year due to low prices and a decline in demand. This decline in production was the result of mills facing significant losses and choosing to shut down furnaces. The production of crude steel in August was the lowest for that month since 2017, and the overall decline in steel production for the first 8 months of the year was 3.3%. The slump in construction activity and China's struggling economy have contributed to the decrease in steel demand. However, there have been some modest signs of improvement in September, with steel prices and iron ore futures showing slight increases. Additionally, China's oil demand has also been affected by its struggling economy, with crude throughput falling by 6.2% in August. [Extracted from the article]

China's steel production in August 2024 dropped by over 10% compared to the previous year due to low prices and a decline in demand. This decline has led to mills shutting down furnaces as they face increasing losses. August 2024 marks the weakest August for steel production since 2017. The overall decline in steel production for the first 8 months of the year is 3.3%. The slump in construction activity has contributed to the falling demand for steel. However, there are some signs of improvement in September, with steel prices and iron ore futures showing slight increases. China's struggling economy, including a weakened property market and low consumer confidence, is also impacting oil demand, with crude throughput falling by 6.2% in August. [Extracted from the article]

China's economic situation is dire, with a struggling property market and weak consumer confidence. This has led to a decrease in China's demand for crude oil, which is a significant change for oil traders and executives who have relied on China as a major driver of global crude demand. Factors such as an aging population, the energy transition, and a shift away from big-ticket infrastructure projects have contributed to this decline. Analysts predict that oil consumption in China will only grow by a small amount in the coming years, due to factors such as the increasing use of electric vehicles and government restrictions on crude imports and fuel exports. This shift in China's oil demand has implications for the global oil market and is causing traders and refiners to prepare for lower profits. However, some experts believe that there is still room for growth in China's oil consumption, particularly in the area of combustion engine vehicles. Overall, the outlook for China's oil demand is uncertain, and the country's changing economic landscape is causing adjustments in the oil trading industry. [Extracted from the article]

Vitol Group, the world's largest oil trader, is expanding into the metals market by hiring iron ore traders from Glencore Plc and Trafigura Group. Vitol has been in talks to hire members of Glencore's iron ore team, some of whom have already quit and will be joining Vitol. The company is also hiring the former head of China iron ore trading for Trafigura. This move reflects a trend among energy traders to use profits from oil and gas to aggressively expand into metals markets. Vitol, which recorded earnings of over $28 billion in the past two years, is returning to metals after exiting the business several years ago. [Extracted from the article]

China's economic slowdown and changing energy landscape are causing a shift in global crude demand, which is concerning for oil traders and executives. China's status as the world's largest oil importer has supported crude prices for years, but factors such as an aging population, the energy transition, and a decrease in big infrastructure projects are impacting oil demand. Analysts predict that oil consumption in China will grow by no more than 300,000 barrels a day in 2025, lower than previous projections. Factors such as the rise of electric vehicles, government restrictions on crude imports, and limited storage capacity are contributing to this decline. However, some experts believe there is still room for growth in China's fossil fuel consumption, particularly in the automotive sector. Overall, the future of China's oil demand remains uncertain, and traders and refiners are preparing for lower profits. [Extracted from the article]

Iron ore prices have plunged by about a third this year, reaching their lowest level in almost two years. This drop in prices is due to China's steel slowdown, which has resulted in an oversupply of iron ore. While major mining companies like BHP Group and Rio Tinto are unlikely to reduce output, smaller producers in countries like India and Brazil are at risk. Analysts believe that prices need to settle in the $80s in order to balance the market and force mine closures. However, there is some hope for a price recovery if there is an increase in Chinese steel demand and a supply response from countries like Brazil and India. [Extracted from the article]

China's imports of commodities increased in August as industries prepared for the peak consumption period in the fall. However, the imports are occurring in an economy struggling with deflation and excess stockpiles. Crude oil imports rose from July, but were lower compared to the previous year due to a slowing economy and the rise of electric vehicles. Natural gas imports reached their highest level this year, while coal shipments remained elevated. Iron ore imports eased but stayed above 100 million tons, and steel exports surged despite trade partner backlash. Copper concentrate imports rose to feed new smelting capacity, affecting purchases of copper metal. Soybean cargoes reached a record high due to large quantities of cheaper Brazilian shipments. [Extracted from the article]

China's imports of commodities were strong in August as industries prepared for the peak consumption period in the fall. Crude oil imports increased by 16% from July, driven by record volumes of cheaper Iranian oil and slight margin recovery. Natural gas imports also rose to their highest level this year, while coal shipments remained elevated. Iron ore imports slightly decreased from July but remained above 100 million tons. Steel exports surged by 21% from July, despite trade partners' backlash. Copper concentrate imports reached their second-highest level ever, affecting purchases of copper metal. Soybean cargoes reached a record high of 12.1 million tons due to large quantities of cheaper Brazilian shipments. China plans to impose carbon-trading compliance obligations on steel, aluminum, and cement producers next year. China's exports unexpectedly picked up in August, but the country is facing a deepening selloff in stocks. Envision Energy, a Chinese company, plans to develop a $1 billion green hydrogen industrial park in Spain. Canola supplies are piling up in Canada due to an anti-dumping investigation by China. [Extracted from the article]

This article discusses five key charts to watch in global commodity markets. Hedge funds are reducing their bets on an oil rally due to concerns about increasing supplies and decreasing demand. Iron ore prices have been negatively impacted by declines in steel prices in China. Battery storage companies are expected to have a large presence at a clean energy conference in California, as the global market for energy storage systems is projected to double by the end of the decade. China has initiated an anti-dumping probe into Canadian rapeseed imports, and new legislation in Brazil is set to support biofuels over fossil fuels. [Extracted from the article]

Iron ore prices have dropped below $90 a ton for the first time since 2022 due to weak Chinese demand and concerns about global economic growth. The unresolved steel crisis in China is also impacting demand for iron ore. Other industrial commodities, such as base metals and crude oil, have also been declining. The cautious mood in the metals market is reflected in Goldman Sachs' decision to lower its copper forecast, citing soft Chinese demand. The US presidential election and uncertainty surrounding it are expected to keep the global economy subdued and weigh on metals prices. Despite these challenges, steel-buying typically recovers after the summer months, which could provide some relief for mills. [Extracted from the article]

China has increased its underground storage of natural gas in preparation for peak demand during the winter. This build-up may indicate subdued consumption in recent months due to a slowing economy, resulting in China having an unusually high stock of natural gas. While a harsh winter would benefit China's hoard, mild weather could impact imports, particularly more expensive spot purchases of liquefied natural gas. China's rising domestic output and imports of gas, along with a lackluster economy, have reduced demand for the fuel. [Extracted from the article]

This article discusses five key charts to watch in global commodity markets. Hedge funds are reducing their bets on an oil rally due to concerns about increasing supplies and decreasing demand. Iron ore prices have been negatively impacted by declines in steel prices in China. Battery storage companies are expected to have a large presence at a clean energy conference in California, as the global market for energy storage systems is projected to double by the end of the decade. China has initiated an anti-dumping probe into Canadian rapeseed imports, and new legislation in Brazil is set to support biofuels over fossil fuels. [Extracted from the article]

Iron ore prices have risen after a recent slump, but they are still down about 9% for the week. The steel market in China is facing challenging conditions, with prices for key products like rebar and hot-rolled coil continuing to soften. Steel consumption in China has weakened due to a slowdown in the real estate sector, leading to cuts in steel output and an excess supply of iron ore. Despite heading into a busier construction period, spot steel prices in China have continued to decline. [Extracted from the article]

Iron ore prices are experiencing their worst week since March due to China's struggling steel market. The demand for steel products has not significantly improved, leading to limited production for steel mills. China's real estate slowdown has weakened steel consumption, resulting in excess supply in the iron ore market. Spot steel prices in China have continued to decline, even during a typically busier construction period. [Extracted from the article]

Iron ore prices are on track for their worst week since March due to China's struggling steel market. Steel consumption in China has weakened due to a slowdown in the real estate sector, leading to cuts in steel output and an excess supply of iron ore. Despite the upcoming busy construction period, spot steel prices in China have continued to decline, with hot-rolled coil reaching its lowest price since 2017. There is little expectation for a recovery in the near future. [Extracted from the article]

Shares of United States Steel Corp. increased in after-hours trading after the CEO of Cleveland-Cliffs Inc., Lourenco Goncalves, expressed interest in acquiring US Steel's assets if Nippon Steel Corp.'s takeover bid falls through. Goncalves stated that he is working with JPMorgan Chase & Co. and Wells Fargo & Co. on a plan. President Joe Biden is reportedly preparing to block the Nippon Steel deal due to concerns about increased concentration of domestic steel production. However, there are practical and financial barriers to a Cleveland-Cliffs takeover, including antitrust concerns and falling steel prices. [Extracted from the article]