Iron ore price is still rising for the second day, over $ 104 per ton

Iron ore prices continued to rise the second day in a row, amid the concentration of traders over the expectation that the Chinese government will put a discount on steel production before the military parade is scheduled in Beijing next month. Future contracts in Singapore exceeded the level of $ 104 per tonne, extending their 1.4% profits during the previous session, reportedly that the steel factories in northern China received instructions to reduce the production to ensure the atmosphere of the 80th anniversary of the end of the world war, in the presence of the figures of the 80th existence. China is used on such occasions to stop high pollution industries, as the last military parade was a decade before a stop of 4,000 businesses near the capital of production. Also read: The price of iron rises after some steel factories in China are still disrupted. The steel industry in China is still being influenced by the government -introduced production controls, as part of the ongoing Beijing campaign to reduce the surplus production capacity. The effect of reducing steel production on prices usually the short -term steel production reduces price increases and the profit margins, which pay the cost of raw materials such as iron ore and Coke to height. However, according to Henan Zhongangwang Technology Group, Ironmineral markets remain in a state of surplus, which could lead to a fall in prices as stocks still record high levels. Future contracts were 1% to $ 104.55 per ton at 11:26 p.m. Singapore time rose. In other metal markets, the price of copper increased by 0.3% to $ 9764.50 per tonne on the London Stock Exchange after falling on Monday, and the price of aluminum and zinc also rose.