Benchmark iron ore futures in China extended gains for a third straight session, closing at the highest price in five weeks, fuelled by falling supplies from major miners.
Shipments from Australia and Brazil — China’s two major iron ore suppliers — fell by 4.04 million tonnes to 24.04 million tonnes as of April 9 from the week earlier, data from Mysteel consultancy showed.
Iron ore exports to China from Port Hedland, the top iron ore terminal in Western Australia, recovered by 7.4 million tonnes or 19.4% from February’s low to total around 38.1 million tonnes in March, according to Mysteel.
Cadence Minerals plc (LON:KDNC) provides mining services. The Company focuses on finding lithium and other technology minerals in new places, as well as offers extracting services.