Iron ore prices rise to USD 89 per tonne on the spot market
Nov, 08, 2022 Posted by Gabriel MalheirosWeek 202245
The expectation that China will ease its “covid zero” policies has prevailed in the market, and iron ore prices reacted positively on Tuesday, November 08, undoing the previous day’s losses and bringing the commodity’s total appreciation to 12% in November.
According to S&P Global Commodity Insights’ Platts index, ore with 62% iron content rose 1.3% in the north of the Asian country to US$ 89.05 per tonne.
Iron ore, the main raw material used in steel manufacturing, reduced losses to 25.2% – last week, the devaluation was 33%.
On the Dalian Commodity Exchange (DCE), contracts with deliveries due in January rose 2.6% to 680 yuan a tonne.
Despite persistent fears about steel demand in China, commercial activity at Chinese ports has recovered. According to Mysteel, local stainless steel production rose for the second consecutive month in October to 2.89 million tonnes, up 14.5%.
Source: Valor Econômico
To read the full original article, please go to: https://valor.globo.com/empresas/noticia/2022/11/08/minerio-de-ferro-volta-a-subir-e-vai-a-us-89-por-tonelada-no-mercado-a-vista.ghtml
-
Shipping
Aug, 16, 2024
0
China’s maritime body urges greater oversight after several boxship fires
-
Other Cargo
Oct, 07, 2022
0
Parana-based port Ponta do Félix pull off unprecedented fertilizer re-export operation
-
Meat
Jul, 08, 2024
0
Brazil chicken meat exports over 425,000 tonnes in June 2024
-
Shipping
Sep, 15, 2021
0
“BR do Mar” cabotage project set to include tax exemptions again