Iron Ore price in 2020

Iron ore prices fluctuated in 2020 partly due to the emergence of the virus uninvited was corona.many economists in the field believe that iron ore prices are falling.with a little political analysis of society we examine the views of economists in this field.

Which is the best iron ore?

To know which iron ore is better,let’s give an example.you must have gone to a gold shop by now.the higher the grade of gold, the higher its quality and price. we are now familiar with the types of iron ores to know which one is better. as you know, rocks are composed of minerals.iron ore is also composed of several types of minerals:Hematite iron ore fe203 with a grade of 70% and Magnetite iron ore fe304 with a grade of 72% . According to its carat number, it can be understood that magnetite iron ore is better and more expensive . It should be noted that iron ore extracted from the mine is not pure and with the increase of impurities, its price also decreases.In iron ore transactions, in addition to the grade and impurity of iron ore, the size, moisture and weight of iron ore must also be considered.

Iron Ore price changes in 2020

China is one of the most populous countries in the world, which alone makes it the largest consumer in the world.At the beginning of 2020, with the outbreak of the Corona virus in China and the closure of all its industries, the demand of this large consumer country for this product decreased. Despite the outbreak of corona, it was not long before, with increasing infrastructure and increasing demand, it played an important role in increasing global iron ore prices.Corona virus could not keep prices low for a long time. In addition, China’s high demand for this product and high political tensions have increased prices and created price instability for this product. On the other hand, the outbreak of corona virus in Brazil, which itself It has the largest iron ore mines, reducing the supply of iron ore in this country and is the second reason for the increase in iron ore prices in the world.Undoubtedly, more factors come together to increase the price of iron ore. For example, the giants that play an important role in the export of this product are not ineffective in increasing the price of the above product.Considering the conditions of this high-consumption stone in construction and automobile construction and its increasing demand, the probability of price reduction is low.However, analysts predict a decline in prices for next year.