Iron ore prices rise to USD 89 per tonne on the spot market

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

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