Peru appoints third president in a week, impact on steel and mining industry unclear

Monday, 16 November 2020 00:32:25 (GMT+3)   |   Sao Paulo
       

The Peruvian Congress has appointed its third president in a week, following a recent political turmoil that has not yet affected the local commodities markets.

Francisco Rafael Sagasti was appointed by the Congress as the nation’s new president. Sagasti takes over Manuel Merino, who resigned just five days after taking the presidential seat. Merino had been nominated president following the impeachment of the nation’s then president, Martín Vizcarra.

According to local media, the intense political debate in Peru has not affected the copper market, one of the nation’s strongest mining sectors.

So far, the iron ore industry, which is basically made up of one key producer, Shougang Hierro Peru, has also not reported any material impact, aside from exporting no or marginal volumes of iron ore in September, according to data from the local central bank, BCRP.

China, Peru’s biggest commercial partner in the mining segment, which owns Shougang Hierro Peru through Shougang Group, does not seem to be “bothered” by the crisis at this point, Paz Quiroz, an economic expert, told Cronista.com.


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