The price of iron ore is increased by the demand for the recovery of the question in China

The price of iron ore has risen slightly after three days of decline, amid weights that can refresh the demand for steel in China due to seasonal factors, supporting prices and demand. The future contracts for iron RU in the steel industry recorded an increase of $ 103 a tonne during the early trading, after it ended up with more than 2% during the last three sessions of last week. This decline to Beijing reported that steel production has dropped to less than 80 million tonnes to record the worst of July since 2017. Analysts at Yongan Futures wrote in a research note: “The actual steel question has reached its lowest level, and there is hope for a seasonal recovery.” They added that the production of raw steel is recovering, despite the decline in demand for the reinforcing steel used in the construction sector with more than estimates. Also read: The price of iron ore is still climbing for the second day, more than $ 104 a tonne, speculating on limiting surplus production in China. The future Iron -Ru contracts remained the most $ 100 per tonne last month, with the support of estimates that Beijing wants to reduce the surplus production capacity in the industrial sector. While this can reduce the consumption of iron ore, it can contribute to increasing steel prices and improving the sector profitability to improve raw material prices or production components. The price of iron ore rose by 1.1%before establishing 102.05 dollars per tonne at 10:49 p.m., while future contracts that were exposed in the Yuan on the Dalic Stock Exchange remained stable. On the other hand, future steel contracts fell in Shanghai.