The price of iron continues with its losses in the midst of cautious about the request prospects

The price of iron ore continued its range of losses for the fourth day, in light of the continued warning of the traders about demand expectations, as well as their evaluation of movements aimed at reducing the excess production capacity in the Chinese steel sector. The price of iron ore dropped to the lowest level in 3 weeks, while the actors in the sector, who participated in the Singapore International Iron Week, discussed expectations on the cutting of production in Chinese factories. On the other hand, the daily flow of Ru from Brazil increased compared to the previous month. Tang Houfoun, Vice President of the Chinese Iron and Steel Society, said at the Singapore meeting on Tuesday that the steel sector in China should control the expansion of its production capacity to address the imbalance between demand and demand. He added that integration into the local sector represents a different focus focus, considering that the sector is ‘relatively distributed’, as it is only about 40% of production capacity concentrated in the largest ten businesses. The surplus of China’s market announced this month that the government “activates and strengthens its authority in the raw steel production sector. The world’s steel market – the largest in the world – is struggling with a major surplus in supply, and weakness in the profitability of the factories. Vivek Dar, the Commonwealth Bank of Australia, explained that the immediate prospects for the Chinese steel -based economy have improved the result of the calm in the trade war between China and the United States. But he added: “It is difficult to have a tangible recovery in the real estate and infrastructure sectors without support at the policy level” in the form of economic motivation, which is likely to be announced that this motivation will be announced in the second half of this year. Future Iron ore contracts in Singapore fell by 1.3% to $ 95.80 per tonne by 11:45 p.m. As the armament is traded on the Shanghai Stock Exchange since June 2017.