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Iron ore prices consolidate their gains and exceed the level of $140 per ton

Iron ore futures prices consolidated their gains during Tuesday trading to exceed the level of 140 per ton, with China’s steel production towards recording its first annual increase in about 3 performance.

Last week’s data continued that China’s steel production increased by 3.8% in November compared to the previous month, from one ton to 76.1 million tons, but despite this, the recorded production this year is heading to exceed last year’s level by more than 1.013 billion tons.

Today, Singapore iron ore futures rose 1.16% to $140.05 per ton, at 09:18 Mecca time, to trade at their highest levels since June 2022.

Iron ore prices have been strengthening their gains since early October to about 40%, with traders watching China’s steel production expectations next year.

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