Iron has become one of the most valuable commodities of all time. In the process following the coronavirus epidemic, it took the lead in raw material shortages that brought production to a standstill.
Iron ore futures prices in China are preparing to close the first week of the year with a strong rise, with the optimistic expectations of investors returning to the markets after the New Year holiday.
IRON ORE TONE INCREASES 0.4 TO $11.56
Iron ore futures for May delivery, the most heavily traded contract on the Dalian commodity exchange, rose 0.4 percent to close at 711.50 yuan ($111.56) a tonne in the morning. The weekly increase is at the level of 5 percent.
On the Singapore stock exchange, the contract for end-February delivery was $128.25, trading at $126.85, down 0.4 percent after hitting its highest level since December 22.
Hot rolled steel coil (HRC) prices rose 1.5 percent, while rebar prices rose 0.6 percent on the Shanghai futures exchange. Both contracts ended the last four trading days with gains.
Stainless steel prices, on the other hand, are getting ready to close the week with a 2% decline.
In Dalian, coke contracts are down by 3.8 percent, while coke is down by 0.9 percent.
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