BEIJING/MANILA – Iron ore futures in China jumped nearly 5 percent on Monday, logging their biggest intraday percentage gain in more than a month, on expectation of seasonal tight supplies from big miners in Australia.
The most active iron ore futures contract on the Dalian Commodity Exchange, for September delivery, rose as much as 4.9 percent to 830 yuan ($118.52) per ton, marking its biggest intraday percentage jump since June 8. It was up 4.6 percent at 827 yuan by 0237 GMT.
“The jump came with anticipation of seasonal fewer iron ore shipments from Australia, as big miners are losing steam after their financial year ended in June,” said Zhuo Guiqiu, analyst with Jinrui Capital.
Zhuo said maintenance at ports and railways in Australia could also dent supplies.
