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China reports on record reserves of iron ore

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China reports on record reserves of iron ore
May 22
08:00 2017

The agency Bloomberg reports on the record value of iron ore reserves in China. At present, the total reserves of this raw material concentrated in the ports of the Celestial Empire are 136 million tons.

Market experts say that demand for low quality ore will increase in the near future as the market does not feel it for steel, the production of which requires high quality ore.
The increased demand for lower quality ore in the near future will help reduce the amount of its reserves.

There is a rise in prices for October steel futures at the bidding in Shanghai. A ton of steel costs 3,342 yuan. This is a record value for May-April. The reserves are gradually decreasing; the current level is the lowest one in the current year.

At the moment the iron ore price is in the phase of stability and it costs about $ 60 per ton. So the price of iron ore came out of a long drawdown, which was caused by the fact that market experts feared a crisis of overproduction.

The material was prepared with the participation of  Marina German,
a leading analyst of the brokerage company CT Trade

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