BEIJING: Iron ore futures in China surged on Monday, logging their biggest intraday percentage gain in more than a month and also closed at the highest price in almost a year, on expectations of seasonal tight supplies from leading miners in Australia.

The most active iron ore futures contract on the Dalian Commodity Exchange, for September delivery, jumped as much as 5.8% to 837 yuan ($119.57) a tonne, marking its biggest intraday percentage jump since June 8. The contract closed 4.8% firmer at 829 yuan, the highest since July 22, 2019.

"The jump came with anticipation of seasonal fewer iron ore shipments from Australia, as big miners are losing steam after their financial year ended in June," said Zhuo Guiqiu, analyst with Jinrui Capital.

Zhuo said maintenance at ports and railways in Australia could also dent supplies.

Capacity utilisation rates at blast furnaces in 247 mills across China was at 93.08% as of July 10, data compiled by consultancy Mysteel showed.

Steel rebar on the Shanghai Futures Exchange, for October delivery, rose 1.0% to 3,739 yuan per tonne.

Hot-rolled coils, used in cars and home appliances, increased 1% to 3,734 yuan a tonne.

Spot prices for iron ore with 62% iron content for delivery to China were unchanged at $107 per tonne on Friday.

Dalian coking coal inched up 0.4% to 1,209 yuan a tonne.

Dalian coke rose 1.9% to 1,917 yuan per tonne.

Shanghai stainless steel futures, for September delivery, climbed 1.6% to 13,665 yuan a tonne.

The slump in China's exports likely eased in June as some countries reopened their economies, while imports contracted less sharply on higher crude oil and commodities purchases, a Reuters poll showed on Monday.

New bank lending in China rose 22.3% last month as authorities continued to boost credit and ease policy to get the world's second-largest economy humming again after a sharp coronavirus-induced contraction.