MANILA, April 5 Iron ore futures in China and Singapore dropped on Tuesday as recovering supply from top exporters – Australia and Brazil – put pressure on the raw material after its best quarter in more than three years.
Supply disruptions, partly due to unfavourable weather, helped lift iron ore prices early this year. “If you look at seaborne shipments especially from Australia on a weekly basis, they are starting to show some increase. Supply from Brazil is also recovering,” said Wang Di, analyst at CRU consultancy in Beijing. But Chinese demand for iron ore remains moderate, said Wang.
Iron ore shipments to China from Australia’s Port Hedland, used by miners such as BHP Billiton , rose to 32.59 million tonnes in March from 29.14 million tonnes in February, data showed on Tuesday.
The most-traded September iron ore on the Dalian Commodity Exchange closed down 0.8 percent at 382 yuan ($59) a tonne, after falling as far as 372 yuan. Chinese markets were shut on Monday for a public holiday.
On the Singapore Exchange, the most-active June iron ore slid 2.1 percent to $49.36 a tonne by 0721 GMT.
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