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China's iron ore futures surged early Monday as traders returned from a lunar new year holiday in a market shaken by growing supply disruptions from Brazil. .
The iron ore futures on the Dalian Commodity Exchange were 8% higher at 652 Rmb (96.66 USD) per ton at the end of the morning trading in Hong Kong.
The move came after iron ore prices reached a four-and-a-half-year high last week after Vale's production, the world's largest mining company, cut output, following a sharp rise in the price of iron ore. fatal collapse of the dam in Brazil, which killed at least 157 people.
"The risk of supply disruption has increased sharply late last week after the closure and the force majeure case on Brucutu mine sales earlier this week, which could result in an additional 30% loss. [million tonnes]ANZ badysts said, referring to the Vale mine located in the state of Minas Gerais, in the southeast of the country.
Australian iron ore miners, who are expected to benefit from the Brazilian export deficit to China, rose after reaching multi-year highs last week. Fortescue Metals grew 3.2%, while Rio Tinto and BHP rose 1.5%.
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