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(Bloomberg) — Iron ore advanced after posting its biggest monthly gain since September 2024, supported by tropical storms in Australia and an ongoing pricing dispute between China’s state-run buyer and major miner BHP Group.
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Singapore futures for the steelmaking ingredient rose as much as 1.3% on Wednesday, having added more than 7% in March to end the month at $105.48 a ton and snap a two-month losing streak. Dalian iron ore futures also extended gains after climbing nearly 8% last month.
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The market’s attention is now turning to a diesel crunch in Australia arising from the war in the Middle East, as well as the current cyclone season in the biggest iron ore-producing nation. While major miners haven’t commented on potential disruptions, smaller producer Fenix Resources Ltd. warned last week that fuel constraints were starting to affect operations across the sector.
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“Mines, especially small and medium-sized ones, may face lower mining and transportation efficiency due to diesel shortages,” said Bancy Bai, an analyst at consultancy Horizon Insights. But “the impact on mining operations remains relatively limited for the time being,” she said, adding that Australia’s current diesel supplies should last around 30 days.
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Iron ore prices rose last month on concerns that China Mineral Resources Group Co. would extend restrictions on supplies from BHP, which prompted traders to preempt a shortage by snapping up available cargoes. Chinese steel mills also rushed to move ore from port stockpiles to their plants.
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Futures were also supported by worries about supply disruptions resulting from storms in Australia, as well as the impact of the war in Iran on shipping and energy costs.
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Rio Tinto Group said this week that Australia’s cyclone season had affected about 8 million tons of output, though it expects to recover roughly half of this amount and maintained full-year guidance. Shipments from the company’s Cape Lambert A export terminal, which was damaged in Tropical Storm Narelle, are set to resume within days.
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As concerns grow about diesel shortages, meanwhile, Australia’s Minerals Council is seeking approval from the competition watchdog for large miners to collaborate on fuel security strategies, The Australian reported.
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Singapore iron ore futures rose 1.2% to $106.70 a ton at 11:25 a.m. local time, while futures on the Dalian Commodity Exchange advanced 1.4%. Shanghai steel futures also rose.
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