The price of iron drops to the lowest level in 5 weeks, amid the fear of China's request

The price of iron ore has dropped to the lowest level in more than five weeks- which dropped to below $ 100 per tonne, as the profit of the industrial sector in China twice emphasizes the fragility of the country’s economy, despite improving the performance of steel factories. Future contracts dropped about $ 99 a tonne in Singapore, heading for a second week loss. Generally, industrial enterprises in China recorded a decline in profits during November for the fourth month, which puts them on the path of the biggest annual decline since the start of data registration in 2000. However, the profitability of the steel companies increased slightly last month. Iron ore prices fell 29% this year, influenced by the slowdown in China’s economy, especially the property sector, despite repeated efforts by the authorities to contain the crisis. At the same time, the quantities produced by the mining companies in Australia and Brazil, the largest iron export country, have produced. The future iron crude contracts dropped to $ 99.45 per ton, which is the lowest price of the day since November 19, before trading at $ 99.70 at $ 10:59. The contracts denominated in the Yuan also decreased on the Chinese Dalian Stock Exchange, and future steel contracts on the Shanghai Stock Exchange fell.