Iron ore prices fell in the international market. The shock from China’s COVID-19 virus and weak steel demand has led to a downward trend in the metal market. On China’s Dalian Commodity Exchange, iron ore prices for January next year’s delivery contracts fell 1 percent. The price was fixed at 107 US dollars and 53 cents per ton. The metal rose as high as 755 yuan on the previous trading day. The article contains Iron Ore Price Dropped Down in The International Market.
On the other hand, the price of the steelmaking raw material on the Singapore Exchange fell 1.1 percent in the September supply contract. The price was fixed at 110 dollars 40 cents per ton. The metal price was on the upside in the previous two working days. However, China is the world’s top steel-producing country. Therefore, the China government is making strong efforts to control COVID.
In this situation, steel production and demand have decreased in the country. On the contrary, the financial crisis in the country’s property sector has also had a negative impact on steel demand. Demand for iron ore, the metal’s raw material, has also fallen as demand for steel has declined. Meanwhile, the price of rods rose by 1.1 percent on the Shanghai Futures Exchange. However, the cost of hot-rolled coils decreased by 1.1 percent. Stainless steel prices fell by 2.7 percent.
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