China iron ore traders worried about the devaluation of the country

According to Jaffari Tehrani, Platts announced the price of iron ore for 62 percent of iron ore on Friday at $ 67 and 35 cents for delivery to the northern ports of China, which was $ 1.9 higher than the previous day`s price.

It has been reported that Chinese buyers are looking to stockpile their iron ore, while Bund Tangshan`s bid is still high as China`s steel demand index and hit the level of 3,800 yuan or $ 558.0 in the Chinese market this afternoon.

Meanwhile, iron ore prices support the growth of futures prices. The price of the fittings in the futures trading last Friday at Shanghai Stock Exchange was 4,126 yuan ($ 606.0), up 109 yuan ($ 16.0) higher than the previous day.

However, the yuan`s decline has continued to raise concerns among Chinese traders, which has led to an increase in the cost of buying imported maritime iron ore due to the dollar`s appreciation of their national currency.

An analysis that can be made in this regard is that no matter how much the national currency of China (the yuan) weakens against the dollar, the tendency to buy iron ore from depo in China`s ports is more likely and the desire to buy and import new shipments is reduced.