Iron ore futures in top steel producer China jumped on Wednesday to their highest since mid-October, underpinned by concerns over supply as traders digested reports of lower import arrivals and shipments departing Australia and Brazil.
The most-traded May contract for the steelmaking ingredient on China’s Dalian Commodity Exchange rose as much as 3.2 percent to 774.50 yuan ($122.49) a ton.
On the Singapore Exchange, however, iron ore’s most-active March contract slipped 0.8 percent to $136.20 a ton in volatile trade.
Both Dalian and Singapore iron ore benchmarks were on track for weekly gains after major miners Fortescue Metals Group, BHP Group and Rio Tinto warned of disruptions from labor shortages as Australia faces a surge of Omicron coronavirus variant cases. — Reuters
