Iron Ore Price, page-63

Seaborne iron ore prices surge amid sharp rise in futures, swapsSeaborne iron ore prices rose sharply on Tuesday March 1 amid a bullish uptrend in iron ore futures on the Dalian Commodity Exchange (DCE) and in front-month swap contracts on the Singapore Exchange (SGX), sources told Fastmarkets.Key driversThe most-traded May iron ore futures contract on the DCE was trending upwards, ending the day up by 4.5% from its closing price of 705.50 yuan ($112) per tonne on Monday.Forward-month swaps contracts on the SGX surged bullishly and, by 5:56pm Singapore time, the most-traded April contract rose $6.67 per tonne compared with Monday’s settlement price of $141.93 per tonne.Sources said the sharp rise on Chinese futures on the DCE was driven by the active trading at the Chinese ports, where some mills were heard to be procuring cargoes to replenish inventories, according to a northern China buyer source.Most traders were staying positive on the demand outlook for iron ore