BEIJING: Benchmark iron ore futures on the Dalian Commodity Exchange rose on Wednesday, snapping a two-session losing streak, as supplies from major miners dropped. Shipments of the key steelmaking ingredient from Australia and Brazil fell by 2.2 million tonnes to 23.7 million tonnes last week from the week earlier, data compiled by Mysteel consultancy showed.
The most-actively traded iron ore futures ended up 0.6% at 880 yuan ($133.68) per tonne. Spot prices of iron ore with 62% iron content for delivery to China remained unchanged at $128 per tonne on Tuesday, according to SteelHome consultancy.
Other steelmaking raw materials were mixed. Dalian coking coal extended gains into a third consecutive trading day, jumped 3% to 1,409 yuan per tonne at close. Coke, however, dipped 0.1% to 2,411 yuan a tonne. Steel rebar on the Shanghai Futures Exchange dropped 1.2% to 3,865 yuan a tonne.
Hot-rolled coils edged 0.1% higher to 4,032 yuan per tonne. Stainless steel futures declined 0.4% to 13,270 yuan a tonne. China's foreign ministry said China found many imported Australian coals failed to meet environmental standards.
Jiangsu Shagang Co Ltd, the listed arm of China's top private steelmaker Shagang Group, plans to enter the data center industry through a 18.8 billion yuan ($2.86 billion) deal to diversify its operational risks and increase profits.
Global crude steel production in October rose 7% year on year to 162 million tonnes as other countries joined China in recovery in industrial activity. Global miner Rio Tinto neglected deep communications with traditional owners during China's iron ore boom, focusing instead on the technical challenges of ramping up and then shrinking its business, an executive said on Tuesday.
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