Dalian iron ore price up on falling shipments from major suppliers

The most traded iron ore contract on the Dalian exchange, for January delivery, closed up 0.1% at 707 yuan ($110.37) per tonne.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $124.04 a tonne, down 0.2% from Monday’s closing.

Iron ore 30-day volatility

BHP Group on Tuesday posted a near 5% drop in first-quarter iron ore output due to maintenance work at its Jimblebar mine and a shortage of rail labour caused by covid-19 border restrictions.

But the world’s largest miner left its annual production outlook unchanged, unlike rival Rio Tinto which last week cut its shipments forecast because of the tight labour market.

Vale is scheduled to disclose quarterly production and sales after the close of trading Tuesday.

Related Article: Vale may offer clues on what direction iron ore markets are heading

($1 = 6.4057 Chinese yuan)

(With files from Reuters and Bloomberg)

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