Benchmark iron ore futures on China's Dalian Commodity Exchange rebounded from losses for four straight sessions on Tuesday, gaining as much as 1.6% as shipments from major suppliers fell.
According to data from Mysteel consulting, iron ore shipments departing from Australia and Brazil totaled 23.54 million tons in the week ended October 17, down 589'000 tons from the previous week.
BHP Group (BHP.AX), the world's largest miner, recorded a decline of close to 5% in its first quarter iron ore production. Last week, Rio Tinto (RIO.L) lowered its forecast for 2021 iron ore shipments due to a tight labor market.
The top-traded iron ore contract on the Dalian stock exchange closed 0.1 percent to 707 yuan ($110.37) per ton for January delivery.
Spot iron ore prices with 62% iron content for delivery to China, as compiled by SteelHome consultancy, remained unchanged at $123 per tonne on Monday compared to the previous session.
Other steelmaking materials boosted earnings on the Dalian stock market.
Coking coal rose 0.9% to 3,729 yuan per tonne.
Coke futures rose 8.2% to 4,550 yuan per tonne before closing at 4,402 yuan, up 4.7%.
Steel rebar on the Shanghai Futures Exchange, used in the construction industries, rose 2.3 percent to 5,546 yuan per tonne.
Hot rolled coils rose 1.2% to 5,736 yuan per ton.
Shanghai stainless steel futures fell 2.1% to 20,400 yuan per tonne.
($1 = 6.4057 Chinese yuan)
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