Benchmark iron ore futures on China’s Dalian Commodity Exchange recovered from four consecutive sessions of losses on Tuesday, gaining as much as 1.6% on falling shipments from major suppliers.
Iron ore shipments that departed from Australia and Brazil stood at 23.54 million tonnes in the week ended October 17, down 589,000 tonnes from the previous week, data from Mysteel consultancy showed.
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.
