China iron ore surges to over four-month high amid supply uncertainty, demand hopes
Dalian Port, Liaoning province
Ironorefutures inChinarose to theirhighest in morethanfourmonths on Tuesday onsupplyuncertainties expected to emerge during the first quarter of next year.
The most-tradedironorefutures contract on the Dalian Commodity Exchange, for May 2020 delivery, soared as much as 3.2per centto 662 yuan ($94.05) per tonne in morning trade, the most since August7. It jumped 2.96 per centto 661 yuan per tonne as of 0330 GMT.
Prices for spot cargoes of benchmarkironorewith 62 per centironcontent for delivery toChina, also tracked the robust futures market and rose to $93 per tonne on Monday from $89.50 in the previous session.
"The surge inironoreprices was mainly driven bysupplyconcerns from foreign miners in the first quarter next year," said Tang Bingqing, an analyst with Founder CIFCO Futures, referring to Brazilian miner Vale SA lowering production outlook and the upcoming expiry of mining leases in India.
Meanwhile,demandprospects for construction steel products and steelmaking raw materials were improved as the latest Chinese Communist Party conference reiterated the need to strengthen infrastructure constructions, and did not mention real estate controls, Tang added.
Construction steel rebar on the Shanghai Futures Exchange, for May 2020 delivery, jumped 1.0per centto 3,528 yuan per tonne.
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January hot-rolled coil contract, used in cars and home appliances, rose 0.7per centto 3,690 yuan per tonne.
Fundamentals
* Shanghai stainless steel futures, for February 2020 delivery, edged up 0.2 per centto 14,010 yuan per tonne.
* Other steelmaking ingredients were mixed. Dalian coking coal, for January 2020 delivery, inched down 0.3 per centto 1,243 yuan per tonne while Dalian coke gained 1.2 per centto 1,928 yuan per tonne.
*China's producer prices fell in annual terms for the fifth consecutivemonthin November, while consumer prices spiked as food costs climbed, data showed on Tuesday, complicating policymakers' efforts to boostdemandas economic growth slows.