Tuesday 09/Sep/2025 – 10:40 AM
The price of iron ore for the sixth session rose, heading towards its highest closure in more than 6 months, amid expectations that the Chinese demand will gain momentum.
The crude futures used in the steel industry for a short period exceeded the level of $ 107 per ton, which is the highest daily level since late February when the prices jumped after the closure of major mines in Australia, before it declined a little from these levels, and iron ore is heading to record the longest series of gains since January.
According to Bloomberg, Citic Securities wrote in a memo: “The demand for steel industries has been marked significantly after the military parade, which strengthened the need to store during the peak season and support the sector’s prices.” They added that the market also received support from the hopes of reducing the US Federal Reserve for interest rates.
China had organized a military parade earlier this month to be held once, to reveal new weapons and review the growing diplomatic influence of Beijing, in conjunction with the commemoration of the eighties of the defeat of Japan in World War II. During the event, some steel factories in the north of the country were asked to reduce production to reduce pollution levels.
Investments required from “Rio Tinto”
Prices also received support from reports that the “Rio Tinto” group was under pressure from the Guinea government to invest in the steel industry near its giant iron ore mine. The Australian Financial Review reported that this step reflects the possibility of the government’s move against companies that focus mainly on the export of raw materials.
In an e -mail, a spokesman for “Rio Tinto” said: “We adhere to cooperation with our industrial and government partners in a feasibility study to create the Iron Kiryat Factory, which will enable us to assess the feasibility and options available jointly. At the present time, our attention is focused on delivering the first shipments from the Siemano mine.”
Future iron contracts jump
The future contracts for iron ore in Singapore jumped by 1.5% to record $ 107 per ton at 11:35 am local time. The future contracts denominated in Dalian have reached its highest level since July, and future steel contracts in Shanghai also increased.
In the basic metal market, copper rose 0.2% to $ 9930 per ton on the London Metal Stock Exchange. Aluminum increased 0.1% after achieving its largest increase in two weeks after the demand for stock exchanges increased.
