Stock market quotes, forex, financial news, forex tools –

Iron ore price reached its maximum for a five-year period

 Breaking News
  • Boeing announced the start of massive layoffs The Boeing Company has no choice but to take drastic measures. The world’s largest manufacturer of space and aviation equipment is forced to reduce the number of staff by 13...
  • Serious drawdown of oil quotes Today, oil is actively declining. A very significant increase in the reserves of “black gold” in the United States caused this drop. Moreover, the fears that Russia will not reduce...
  • Swiss watch makers are in crisis Swiss watch exports in April crashed at a record pace the drop has totaled 81% compared with the same period last year. Halting production and difficulties with sales caused by...
  • The intensification of the conflict between the USA and China leads to reduction of oil prices The energy market has started the trading session rather unsuccessfully. The next round of the trade war between the States and China caused the price fall. Because of this investors...
  • Germany saves Lufthansa An air carrier Deutsche Lufthansa AG has suffered losses because of the spread of the coronavirus pandemic. It became known that the German government had not left the matter unattended...
Iron ore price reached its maximum for a five-year period
July 16
09:00 2019

On Tuesday, iron ore has shown the highest price in the last five years. The fear for supply due to increased consumption in the PRC caused the growth.

The cost of ore contracts on the exchange in Dalian has increased by 1.1% – to 131.6 US dollars per ton. Quotes were rising more than 3% in time of trading. At the same time, the price was going up to the levels that the market has not seen since 2013.

In Singapore, prices were jumping not so high, growing “only” to $ 116.4 per ton. Previously, they had increased 2.5%.

On the eve, there were data on the production of steel in China. It turned out that the country had produced in June more than 87.5 million tons of steel. The indicator has decreased slightly if compared with May. This is due to fewer working days in the month. Despite this, daily production has reached a record level of 2.9 million tons. It should be noted that currently China is the number one country in steel melting in the world.

The cost of iron ore has been increasing since the beginning of the year. The accident at the Vale mine in Brazil caused the growth. A strong reduction in production and the emergence of the threat of a global material shortage became the logical consequence of the accident.

Experts agree that prices are not tied to fundamental factors and will immediately recover when the process of supply is established.


The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

Related Articles


No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment