BEIJING- Prices of iron ore futures slipped on Monday, as concerns over cyclone-related supply disruptions eased in major supplier Australia following the reopening of local iron ore ports.
The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 2.27 percent lower at 795.5 yuan ($109.78) a metric ton, as of 0143 GMT.
The contract touched its lowest level since January 16 at 790 yuan a ton earlier in the session.
The benchmark March iron ore on the Singapore Exchange slid 1.46 percent to $104.6 a ton, the lowest since February 6.
Western Australia’s Port Hedland, the world’s largest iron ore hub, reopened after Tropical Cyclone Zelia hit the state’s ore-rich Pilbara region, the port’s operator said late on Saturday.
Port Hedland is used by BHP Group Fortescue and billionaire Gina Rinehart’s Hancock Prospecting.
Port of Dampier, which ships iron ore from Rio Tinto reopened late on Friday.
“Near-term shipments and deliveries will unavoidably be postponed due to the cyclone,” First Futures analysts said in a note.
Analysts forecast a decline in iron ore imports to top consumer China in the first two months of 2025, as weeks of tropical cyclones and adverse weather in major producer Australia disrupt shipments. A survey from consultancy Mysteel indicated that downstream steel demand had not recovered as expected, putting pressure on the prices of steelmaking ingredients, including iron ore.
