The cost of reinforcement on the Shanghai futures exchange for the first time in five months began to grow

For more than five months in a row, the falling price of the reinforcement began to grow after the European Central Bank (ECB) reduced its interest rates to a record low level and unemployment data in the United States were at a better level than previously predicted.

Futures contracts with the delivery time in October on the Shanghai Futures Exchange grew today in price by almost 2 percent to 3610 yuan ($ 586) per ton from 3542 yuan yesterday. This growth occurred after the next fall by 6.2 percent over the past two weeks.

The ECB yesterday reduced its main refinancing rate to 0.5 percent from 0.75 percent. The number of unemployment benefits in the United States fell to the lowest level since 2008, while consumer sentiments have reached the highest indicators over the past five years.

"The reinforcement used a somewhat improved mood in the market" says Ren Xinley Analyst from Qindao. At the same time, the profit from the production of reinforcement will increase, since the prices for it are significantly reduced.

Proposals for iron ore in the Chinese port of Tianjin fell in May in May 5 percent and amounted to $ 129.40 per ton, which is the lowest in December 14 last year.

Spot (short -term contracts) for the reinforcement still lose the price, but already very slightly: in accordance with the data of the Beijing traders, the price of the reinforcement in the domestic market of the Middle Kingdom has no more than 0.2 percent to 3568 yuan per ton.