Iron ore price rised

The top-traded iron ore contract in May on China's Dalian Commodity Exchange ended day trading at 705.50 yuan ($111.82) per tonne, up 2.7 percent.

On the Singapore Stock Exchange, the most active April contract for iron ore rose 3.3 percent to $141.25 per tonne.

The benchmark value of 62% Fe imported into northern China was changing hands at $138.09 per ton in morning trading, up 2.6% from Friday's close, according to Fastmarkets MB.

"Any protracted military action will severely affect the annual iron ore exports of around 70 million tons from Russia and Ukraine, eventually tightening the global balance," said Atilla Widnell, managing director of Navigate Commodities in Singapore.

While Russia and Ukraine are not China's major suppliers of iron ore, the two countries currently at war often export steelmaking materials to other European countries.

Nickel shipments have also been affected, as Russia's leading steelmakers have seen exports fall since the start of the crisis, people familiar with the matter told Bloomberg.

In a note, Goldman Sachs analysts said Russia's metal shipments were down and buyers were "hesitant in the context of sanctions uncertainty and escalation."

Ukrainian iron ore miner Ferrexpo Plc said on Friday that the availability of rail capacity to ship its pellets to customers in Europe is uncertain. The London-registered company, which operates three mines in central Ukraine, said it was delaying publication of its full-year results.

Widnell said that as this month's Beijing Winter Olympics comes to an end, Chinese blast furnace capacity mills are expected to offer more price support to reduce iron ore stocks at Chinese ports faster.

Iron ore support has remained intact, although China's state planner has been keeping a close watch on market activity after the recent strong price rise.

Warning against iron ore hoarding, market speculation and disinformation on Monday, the National Development and Reform Commission reminded traders of increased scrutiny by regulators in both the spot and futures markets to keep prices stable.