Chinese iron ore futures shot higher in early trading in China on Monday as traders returned from a week-long lunar new year break to a market shaken by deepening supply disruptions from Brazil.
Iron ore futures on the Dalian Commodity Exchange were 8 per cent higher at Rmb652 ($96.66) a tonne by late morning trading in Hong Kong.
The move comes after the price of iron ore jumped to its highest in four and half years last week after production cuts by Vale, the world’s biggest iron ore miner, made in the wake of last month’s deadly dam collapse in Brazil that has killed at least 157 people.
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