Benchmark iron ore futures in China extended gains to a third straight session, jumping by more than 5 percent on Tuesday, on media reports that steel hub Tangshan plans to ease requirement for production cuts at its mills, Reuters reports.
The Tangshan government held a symposium on Monday, mulling to lower output curtailment ratio for some mills that had finished ultra-low emission upgrades, according to state-backed Securities Times, citing media report. (https://bit.ly/3uC4jDZ)
Tangshan authority had urged local long-process steel producers to cut production by 30 percent to 50 percent in March to improve air quality, sparking supply concerns as the city accounts for more than 13 percent of China's total crude steel output.
Prices for steelmaking ingredients increased on hopes of increasing demand.
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