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Iron ore rises on high demand

Iron ore price continued to follow an uptrend on Tuesday, since positive market moods were supported by improved trading activity in the seaborne market.

Australian iron ore fines 62% Fe went up by $1.5/t to $116.75/t CFR, following an RMB 17/t ($2.4/t) rise in September contracts on the DCE.

Optimistic sentiment spurred seaborne buying activity amid hopes for steel demand. Chinese customers booked 620,000 t in total on trading platforms on August 4.

However, global supply growth continues to cast a shadow on iron ore market outlook. Brazil raw material exports rose by 13% m-o-m to 33.99 million t in July, only 0.9% lower in yearly comparison, the country’s official data showed. Arrivals to China’s main ports added 8.5% last week, reaching 13.95 million t, according to Steelhome.


 

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Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.

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300.000 Employees

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