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Dalian iron ore futures claw back on falling shipments from miners

Dalian iron ore futures claw back on falling shipments from miners

FILE PHOTO: A man walks by an iron ore blending site at Dalian Port, Liaoning province, China September 21, 2018. Picture taken September 21, 2018. REUTERS/Muyu Xu/File Photo

BEIJING :Benchmark iron ore futures on China's Dalian Commodity Exchange recovered from four consecutive sessions of losses on Tuesday, gaining as much as 1.6per cent on falling shipments from major suppliers.

Iron ore shipments that departed from Australia and Brazil stood at 23.54 million tonnes in the week ended Oct. 17, down 589,000 tonnes from the previous week, data from Mysteel consultancy showed.

BHP Group, the world's largest miner, posted a near 5per cent decline in first-quarter iron ore output. Last week, Rio Tinto downgraded its 2021 iron ore shipments forecast due to a tight labour market.

The most-traded iron ore contract on the Dalian exchange, for January delivery, closed up 0.1per cent at 707 yuan (US$110.37) per tonne.

Spot prices of iron ore with 62per cent iron content for delivery to China, compiled by SteelHome consultancy, were unchanged at US$123 per tonne on Monday from the previous session.

Other steelmaking ingredients extended gains on the Dalian bourse.

Coking coal jumped 0.9per cent to 3,729 yuan a tonne.

Coke futures surged as much as 8.2per cent to 4,550 yuan per tonne before closing 4.7per cent higher at 4,402 yuan.

Steel rebar on the Shanghai Futures Exchange, used in construction sectors, rose 2.3per cent to 5,546 yuan a tonne.

Hot rolled coils increased 1.2per cent to 5,736 yuan per tonne.

Shanghai stainless steel futures fell 2.1per cent to 20,400 yuan a tonne.

(US$1 = 6.4057 Chinese yuan)

(Reporting by Min Zhang and Shivani Singh; Editing by Krishna Chandra Eluri and Subhranshu Sahu)

Source: Reuters

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