Iron Ore Prices Reverse Months-Long Downtrend
Economy, Business And Markets

Iron Ore Prices Reverse Months-Long Downtrend

Iran’s iron ore prices, on the decline for most of the past year, have started to regain their momentum, reaching $54.5 per ton last week, which is $2.3 higher than the prices on April 7.
The outlook for the raw steelmaking material also looks good on the global front. Iron ore, with 62% purity, delivered to Qingdao in China jumped 2.1% to $60.48 per ton on Wednesday, recording its highest since March 8, according to Metal Bulletin.
This is a major turnaround from 2015, when iron ore prices continuously plummeted because of a global glut and weakening steel demand in China, Bloomberg reported.
The last months of 2015 were the dreariest for the industrial material. Prices dropped to record lows of $38.5 per ton in December after a steady three-month decline.
Iron ore brought about a surprise rally in 2016 after Chinese policymakers signaled that they are prepared to support growth, mills boosted purchases even as port stockpiles climbed and steel prices advanced.
Meanwhile, China’s steel output in March hit a record high of 70.65 million tons, rising 2.9% compared to the same period of 2015.
Iron ore’s rally from a record low is not sustainable, however, as global output is set to increase even further, according to Sam Walsh, the CEO of Rio Tinto Group, the world’s second-biggest exporter of iron ore.
“Prices may fall in the second half, as new supplies offset improving demand from China,” he said.

Short URL : http://goo.gl/pDQRKV
  1. http://goo.gl/m8O0qw
  • http://goo.gl/5gbKXE
  • http://goo.gl/D1T9uO
  • http://goo.gl/MSxfI4
  • http://goo.gl/0rNLlS

You can also read ...

WTO Accession No More a Priority for Iran
Joining World Trade Organization is no longer a priority for...
Rouhani Sends Banking Reform Bills to Parliament
Following an approval by the Cabinet and a presidential...
One factor causing a drop in Chinese steel in Iran is their rising prices.
Chinese steel was everywhere in the world for the good part of...
Bill on Construction Quality Inevitable
In order to curb the construction of substandard buildings,...
TSE’s Average P/E at 5.6
The average price to earnings ratio of Tehran Stock Exchange-...
Peugeot’s 301 model is on sale in Turkey for more than three years.
Iran Khodro dealers confirm that the new Peugeot 301 sedan is...
Proposed Economy Minister Pledges Overhaul
Economy minister-designate, Masoud Karbasian, elaborated his...
Iran’s per capita egg consumption stands at 198.
Hit hard by the H5N8 bird flu virus last year, the Iranian...