City Group: Iron Ore Boom does not reflect reality

City Group said it would continue to adopt a neutral vision to a falling to the price of crude iron, as the supplies had already taken into account, while the immediate rise in the price of the price exceeded the effect of the basic economy. Prices rose about 15% compared to their low levels in June last year, powered by the outfits of the optimistic market due to China’s campaign against ” and supply problems. But these factors have already been taken into account, according to the city group analysts, including Winyo Yao, in a memorandum of clients. ‘City Group’ analysts added that China’s policy to reduce surplus production capacity did not have a ‘concrete impact’ on a steel manufacturing material, explaining that the Asian state’s plan to accelerate the production of low approach by sharpening the rules of productive capacity will require it long. Read more: The fall in iron prices amid the fall in the Chinese economy and the prices of homes, ‘City Group’ emphasized that the high iron ore, in the absence of any additional incentives from China and with the abundance of supplies transported by sea, will see a new Saudi wave. In Singapore, future contracts remained unchanged at 106.10 dollars per tonne at 10:40 p.m., while the contracts denominated in the Yuan on the Dalic Stock Exchange fell, while steel contracts in Shanghai decreased slightly.