NEWS

Iron Ore Prices Rise Despite Trade Concerns

Iron ore prices experienced a slight decline on Friday due to concerns over China-US trade issues, but they rose by around 1.6% throughout the week driven by strong demand from China, the largest iron ore buyer. China's iron ore prices dropped slightly but still posted a 1.63% weekly gain, while Singapore's prices rose by 1.59%. The demand for iron ore is expected to increase as Chinese factories prepare for the May Day holiday, and April's higher steel production indicates a continued need for the raw material. Despite ongoing trade talks between China and the US, uncertainty remains, affecting the market. Prices for coking coal and coke, other key steelmaking materials, also increased. Global iron ore price trends, including these fluctuations, can impact the steel rate in Pakistan, which is influenced by the supply and demand for raw materials like iron ore.