The price of iron is over $ 100 per tonne for the first time since May

The price of iron ore has risen to bypass a $ 100 barrier per ton, supported by improving the confidence in the growth of the Chinese economy, and in collaboration with the announcement of the “Rio Tinto Group” group to submit the date of the first consignment of one of the major mines in Guinea. The future contracts have risen by more than 1%, on the way to numbers of over $ 100 for the first time since last May. The prices of the basic material in the steel industry have recovered in recent weeks, in light of the promise of Chinese officials to face excessive competition and outdated productive capabilities, in addition to presenting new measures to support the property sector. Iron production exports, “Rio”, announced that between half a million and one million tonnes of 3 and 4 blocks of the “Simar” mine, which starts from November this year, will be exported next year. The “Cemano” project is a joint project spread over four blocks between ‘Rio’ and ‘winning consortium’ and other parties, and total production capacity is estimated at about 120 million tons. Analysts at the Royal Bank of Canada Bank will reach 12 million tonnes during 2026 to rise to 48 million tonnes by 2028, according to a note addressed to investors. On the other hand, analysts of the city group expressed doubt about the sustainability of this price increase, pointing out that the current prices do not reflect the basic factors in the market, according to a research note. Also read: Mine giants in trouble after China’s demand for iron decreased and analysts, including Shirus Madabushi, wrote that “steel production is on their way to gradually decreasing, and not with a uniform reduction by 50 million tonnes.” The price of iron Today, the iron ore price rose 1.1% to $ 100.10 per tonne on the Singapore stock exchange at 11:57 Local time, while future contracts in the Yuan were denominated on the ‘Dalian’ stock exchange. As for the steel contracts in Shanghai, they saw a different achievement. ‘Rio’ reported that in the second quarter of the Australian Bilbara region – the world’s largest area for iron ore supplies – at 79.9 million tonnes, a small number of less than the expectations of analysts, which amounted to 81.93 million tonnes.