Due to the oversupply to the market, the prices for the commodities such as copper and aluminum have dropped to their historic lows on commodity markets. Meanwhile, the iron ore prices have started to see the rise since the beginning of July.
Iron ore prices, which were on constant decline for the last six years reaching its historic lows on July 8th this year at USD 43 per ton, is now on increase by 25 percent. This is viewed as the beginning of the second increase cycle since the beginning of 2015.
Analysts link this price increase in the decreased amount of iron ore at the Dalian and Qingdao warehouses. According to the last week's warehouse statistics the amount of iron ore has declined by 19 percent compared to the beginning of this year and the available amount totals to 81.95 million tons.
Latest updates from the Mineral Resources Authority, Mongolia has extracted 1.4 million tons of iron ore in the first five months, while have exported 1.8 million tons of iron ore and iron concentrates. Last year Mongolia has extracted and produced 10.2 million tons of iron ore and iron concentrates, which was the highest.
In the first five months Mongolia exported 1.8 million tons of iron ore worth USD 96.3 million, of which majority was exported to China totalling to USD 94.9 million and Singapore totalling to USD 1.4 million.
Iron ore exporting countries now include Singapore, while last year Mongolia exported only to China.
Due to the oversupply to the market, the prices for the commodities such as copper and aluminum have dropped to their historic lows on commodity markets. Meanwhile, the iron ore prices have started to see the rise since the beginning of July.
Iron ore prices, which were on constant decline for the last six years reaching its historic lows on July 8th this year at USD 43 per ton, is now on increase by 25 percent. This is viewed as the beginning of the second increase cycle since the beginning of 2015.
Analysts link this price increase in the decreased amount of iron ore at the Dalian and Qingdao warehouses. According to the last week's warehouse statistics the amount of iron ore has declined by 19 percent compared to the beginning of this year and the available amount totals to 81.95 million tons.
Latest updates from the Mineral Resources Authority, Mongolia has extracted 1.4 million tons of iron ore in the first five months, while have exported 1.8 million tons of iron ore and iron concentrates. Last year Mongolia has extracted and produced 10.2 million tons of iron ore and iron concentrates, which was the highest.
In the first five months Mongolia exported 1.8 million tons of iron ore worth USD 96.3 million, of which majority was exported to China totalling to USD 94.9 million and Singapore totalling to USD 1.4 million.
Iron ore exporting countries now include Singapore, while last year Mongolia exported only to China.