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BEIJING: Chinese iron ore futures gained on Wednesday, bouncing back from losses in the previous session, amid concerns that inclement weather conditions could disrupt shipments from major supplier Australia.

Australia’s weather bureau said on Tuesday heavy rains are expected to continue though the La Nina weather pattern could have reached its peak.

The most-traded iron ore futures on the Dalian Commodity Exchange, for May delivery, ended up 0.2% at 1,059 yuan ($163.76) a tonne.

Other steelmaking ingredients were mixed, with Dalian coking coal down 2.9% at 1,630 yuan a tonne at close and coke edging up 0.1% to 2,714 yuan per tonne.

“Coking coal (price) was affected by state planner’s call of expanding production to ensure supplies,” said Wang Haitao, analyst with Huatai Futures in Beijing.

Steel rebar and hot rolled coil futures on the Shanghai Futures Exchange inched down.

The most active rebar futures dropped 0.4% to 4,310 yuan a tonne.

“Rebar prices have limited room for big fluctuations as some mills have rolled out their winter stocking plans,” Wang added.

Hot rolled coil, used in the manufacturing sector, dipped 0.4% to 4,413 yuan a tonne.

Stainless steel futures on the Shanghai bourse rose 0.7% to 14,405 yuan a tonne.

Spot prices of iron ore with 62% iron content for delivery to China fell by $2.5 to $172 per tonne on Tuesday, according to SteelHome consultancy.

China’s iron ore imports from India surged 88% in 2020, while Australia and Brazil remained as its top two suppliers.

China’s top listed steelmaker Baoshan Iron & Steel Co Ltd expected its 2020 net profit to rise 1%-6% from the year earlier.

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