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BEIJING- Chinese iron ore futures traded in a tight range on Wednesday as rising supplies from major miners countered firm demand at steel mills in the world’s top producer of the industrial metal.
Iron ore shipments from Australia and Brazil stood at 26.14 million tons last week, up by 1.1 million tons from the week earlier, data from Mysteel consultancy showed.
Demand for steelmaking raw materials including iron ore remained strong at places not subjected to output curbs and propped up by decent profit margins.
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The most actively traded iron ore futures on the Dalian Commodity Exchange, for September delivery, dipped 0.7 percent to 1,208 yuan ($188.64) a ton, trading in a narrow range of 1,203 yuan to 1,232 yuan. – Reuters
