Iron ore in China fell after the New Year celebration

In China, there is a decline in iron ore prices after the commemoration of the New Year according to the lunar calendar. Thus, May futures for iron ore on the Chinese stock exchange in Dalian fell by 1.5% relative to the close of the previous trading – to $128.5 per ton. Market analysts believe that the turn down in prices is also due to intensified expectations about the increment in demand for steel. For iron ore, in connection with the appeal to the Chinese authorities of the National Development and Reform Commission with a request to take measures to entice investment in infrastructure projects. At the same time, the expense of coking coal reached $363.17 per ton, up 1.3% on Friday. Earlier, Hongyuan Futures experts published a prognosis according to in 2022 China is expected to reduce the coking coal cost to $314 per ton. The beginning of this year will be characterized by the low raw materials cost in connection with the holding of the Winter Olympic Games in the country. However, limited steel production will influence infrastructure demand, keeping the coking coal market volatile.

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Arseny Kudrin

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