Iron ore extends gains

- Advertisement -

BEIJING- Iron ore futures rose for a fourth straight session on Tuesday to hover near their highest levels in more than a week, helped by lower shipments from key producers and top consumer China’s robust steel exports.

The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) was 1.57 percent higher at 778 yuan ($106.14) a metric ton, hitting the highest level since Jan. 3.

The benchmark February iron ore on the Singapore Exchange traded 1.43 percent higher at $100.15 a ton. It hit the highest level since Jan. 3 at $100.35 earlier in the day.

- Advertisement -

Iron ore shipments from Australia and Brazil, the world’s top two producers, slipped by 9 percent week-on-week to 23.88 million tons in the week of Jan. 6-12, data from consultancy Mysteel showed.

Also helping the key steelmaking ingredient were brightened demand prospects as steel exports remained robust.

China’s steel exports last month climbed 25.9 percent year-on-year to bring the 2024 total to a nine-year high of 110.72 million tons, a rise of 22.7 percent from 2023, customs data showed on Monday.

Author

- Advertisement -
Previous article
Next article

Share post: