The biggest January iron ore futures deal on the Dalian Commodity Exchange (DCE) showed an uptrend. Trading in this part of the day increased by 2.6% compared to the closing price on Thursday of 667 yuan ($ 103) per ton. It seems that the iron ore transactions path has taken an upward trend. The growth of demand in the East Asian market guarantees this. In the following, we will review the most important market events of the past day. Please be with Artan Press.
*** Iron Ore Market in Singapore Stock Exchange
Next month, iron ore trading contracts on the Singapore Stock Exchange (SGX) also rose yesterday. As of 5:55 p.m. Singapore time, October’s highest deal was $ 1.33 per tonne, compared to Wednesday’s settlement price of $ 109.67 per tonne. A Beijing-based trading source said the uptrend in the futures market may have experienced a short-term recovery after a sharp decline earlier in the week. Some market participants have started to create opportunities to enter the market.
*** The possibility of growing inflammation in East Asian iron ore transactions
Sources told Fast Market that market sentiment about iron ore prices improved slightly due to rising consumer demand ahead of the Chinese National Day holiday on October 1-7. The monthly discount for Australia’s BHP Medium Fines continued to attract the attention of traders, including Gimblar Fines in October and Ming Fines. While demand for finer grade iron ore has been reported to be weak due to rising prices. Business activity in Chinese ports fell on Friday. But with more Pilbrera and Super Special fins being bought in northern and eastern China, the market is likely to resume its uptrend.
*** Growing trends and guaranteed global iron ore transactions
The rise in prices over the past few days is likely due to the replenishment of inventories before the next Golden Week holiday. This issue, which starts next week, is controversial. Some factories traded goods in Chinese ports. However, the upward trend in prices is likely to resume after the main market route is determined.
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