The iron ore price index was bullish today, Friday, which is related to the hope of growth in the production of steelmakers in China and the growth in demand for iron ore
In China’s Dalian stock exchange, the price of iron ore increased by +4.18% and reached the range of $103… In Singapore, the price also increased by $2.45 and reached the range of $103.1 per ton.
The margin of Chinese steelmakers is in the low range, and therefore the demand for iron ore is generally focused on low and medium grades, and many purchase contracts have been closed today, and the demand is favorable!
Apart from the issue, the China Planning Council NDRC also said that the prices for the rest of 2022 and the first half of 2023 will be higher than in the past due to the corona restrictions and the government’s infrastructure development plans… this prediction signaled an increase in the price of steel and iron ore.