Commonwealth Bank of Australia said the price of global iron ore could lower the coming period due to the demand for demand and the weakening of the gains of steel factories in China. The analyst Vivek Dar wrote in a memo that prices had already fallen in China before the weekend, with the yield of steel profit margins, which improved this year, to the decline. He pointed out that the average margin of the profit margins of hot iron pool factories and a armament dropped to a negative of $ 27 per tonne at the end of September, compared to $ 26 a tonne on July 22, where the decrease in yields usually reduces the demand for RU with a decrease in steel production. Dar said: “We are still seeing the downward pressure on iron ore prices in the coming weeks due to the negative profit margins of steel factories,” Dar said. But he added that the volume of the potential decline is likely to remain bound by display factors. Iron ore prices scored an average of about $ 105 per tonne over the past month to achieve the strongest performance since February, powered by storage operations preceding the holiday, as well as the resumption of steel production suspended due to a military parade. Also read: City group: Iron Ore Boom does not reflect reality, but the data released on Tuesday indicated that the country’s factories are constantly suffering, as the procurement manager index showed a deeper shrinkage in September. Steel production indicators and new requests have also declined. Iron Ru futures dropped 0.6% to 102.55 dollars at 11:59 p.m. Singapore, on the way to the slightest closure since September 2. Iron ore contracts in Dalian also decreased, in addition to the contracts of the hot roles, and the armor and the armed armor.
Expectations of drop of the iron price in the upcoming period due to the question of the question
