Quoted economically، Due to strong Chinese demand, prices for both major industrial commodities will continue to rise by the end of December 31, with iron ore up more than 70 percent and copper up more than 30 percent from a year earlier.
Can iron ore reach $ 180 per ton by Christmas and close to $ 200 per ton by New Year? Iron ore is now trading at levels that were last seen in October 2011, close to the highest price in history.
According to Metal Bulletin, another increase on Friday caused the price of 62% carat iron ore to increase by about $ 5.90 or more than 4%, reaching a 9-year high of $ 164.39 per ton.
The price of 65% Brazilian grade iron ore rose to $ 176.7 per ton.
The price of 62% grade iron ore has now increased by 78.3% compared to the end of 2019.
The price of iron ore has increased by 65% and 70.6% compared to the end of 2019.
The reasons for this increase are obvious: continued strong demand from Chinese steel mills and a shortage of ore from Brazil (which is not performing well) and supply constraints in Australia, whose iron ore exports have declined due to maintenance operations.
Chinese steelmakers have called the sudden rise in iron ore prices irrational, but pressure on the Dalian Commodity Exchange’s futures market continues to rise to more than 1,076.50 yuan (more than US $ 171 per tonne) in trading on Friday. ) Receipt.
Chinese regulators have sought to curb rising iron ore prices on the Dalian Stock Exchange by changing fees to make it more expensive, changing terms and conditions, and allowing more iron ore compounds and steel cycle rules to be traded.
The Chinese Steelmakers Association has appealed to the government and regulators to help Rio Tinto complain about rising prices for some of its shipments.
Rio Tinto tried to persuade Chinese steelmakers to work with steel companies to find out pricing mechanisms, but did not offer a price reduction.