Dalian Iron Ore Jumps On Falling Shipment, Robust Demand Worldwide

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Benchmark iron ore futures in China extended gains for a third straight session, closing at the highest price in five weeks, fuelled by falling supplies from major miners and strong demand at home and abroad.

Shipments sent from Australia and Brazil fell by 4.04 million tonnes to 24.04 million tonnes as of April 9 from the week earlier, data from Mysteel consultancy showed.

Meanwhile, domestic demand and consumption driven by overseas economic recovery also helped sustain iron ore prices, analysts with Huatai Futures wrote in a note.

The most actively traded iron ore futures on the Dalian Commodity Exchange, for September delivery, ended up 3.3% at 1,023 yuan ($156.17) per tonne after gaining 3.5% earlier in the session.

Spot prices for 62% iron ore for delivery to China was unchanged from the previous session at $172 a tonne on Monday, according to SteelHome consultancy. SH-CCN-IRNOR62

Dalian coking coal, for May delivery, inched up 0.9% to 1,602 yuan a tonne and coke jumped 3.2% to 2,436 yuan per tonne.

Steel rebar on the Shanghai Futures Exchange, for October delivery, gained 2.4% to 5,116 yuan at close.

Hot rolled coils futures, used in the manufacturing sector, rose 2.2% to 5,403 yuan a tonne.

The most traded June contract of Shanghai stainless steel futures, however, dropped 2.8% to 13,965 yuan a tonne tracking falling nickel prices.

FUNDAMENTALS

* China’s March iron ore imports jumped 19% to 102.1 million tonnes from the same month a year earlier, official customs data showed on Tuesday. Steel products imports rose 17% last month.

* The National Mine Safety Administration will hold an emergency video conference with local departments on Wednesday following a raft of accidents recently and to deploy measures to strengthen mine safety work.

* Japan’s crude steel output is expected to rise 28.3% in the second quarter from a year earlier to 23.24 million tonnes, while demand is seen to increase 20.6%.

Source: Reuters

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