FE Today Logo

China iron ore rises over Brazilian supply

February 12, 2019 00:00:00

BEIJING, Feb 11 (Reuters): China iron ore futures rose to a record on Monday, the first session after a week-long national holiday, on concerns that supply from Brazil, the country's second-largest ore supplier, may decline after a fatal dam accident at a Vale mine.

The most-active iron ore futures for May delivery on the Dalian Commodity Exchange rose to their daily trading limit when the market opened at 0100 GMT, hitting a record of 652 yuan ($96.26) a ton.

Contracts for March, July, September and November delivery also climbed to their daily limit during early trade on Monday.

"Price hiking today is driven by both real supply gap and speculative sentiment among investors," said a Shanghai-based iron ore trader.

Share if you like