Seaborne iron ore jumps by $4/t over a day in China, as futures hit daily limit

摘要

Iron ore prices rallied the third consecutive session in China as sellers were succeeding in taking advantage of recent economy stimulus and futures spikes. Spot iron ore gained $4/t over a day, as Dalian futures hit daily limit again. Australian iron ore fines 62% Fe recovered to mid-March levels after jumping to $57-58/t CFR on Friday. “Prices are up due to futures gambling,” a trader source told Metal Expert. Iron ore with September delivery on the Dalian Commodity Exchange hit a daily limit the second time this week as it after gained RMB 18.5/t since Thursday, coming to RMB 417.5/t. It registered 20% weekly surge.