Iron ore prices rose as the Russia-Ukraine conflict cast a shadow over the supply outlook.
Peer iron ore futures in China and Singapore rose more than 3% on Monday as traders worried that the protracted armed conflict between Russia and Ukraine could also hamper global supplies of the key steelmaking component.
The top-traded May iron ore contract on China's Dalian Commodity Exchange rose as much as 3.6 percent to 711.50 yuan ($112.68) per ton, after gaining 1.8% last week.
On the Singapore Stock Exchange, the most active April contract for iron ore rose 3.2% to $141.05 per tonne.
Atilla Widnell, MD, Navigate Commodities in Singapore, said: "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.
While Russia and Ukraine are not major iron ore suppliers to the world's largest steelmaker China, which gets most of its needs from Australia and Brazil, material exports from the two currently warring countries are often sold to other European countries.
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