Benchmark iron ore futures on China's Dalian Commodity Exchange recovered from four consecutive sessions of losses on Tuesday, gaining over 1% on falling shipments from major suppliers.
Iron ore shipments that departed from Australia and Brazil stood at 23.54 million tonnes in the week ended Oct.17, down 589,000 tonnes from the previous week, data from Mysteel consultancy showed.
The world's largest miner BHP Group posted a near 5% decline in first-quarter iron ore output on Tuesday. Last week, Rio Tinto downgraded its 2021 iron ore shipments forecast due to tight labour market.
The most-traded iron ore contract on the Dalian exchange, for January delivery rose 1.1% to 714 yuan ($111.26) per tonne as of 0215 GMT.
Spot prices of iron ore with 62% iron content for delivery to China, compiled by SteelHome consultancy, were unchanged at $123 per tonne on Monday from the previous session.
Other steelmaking ingredients extended gains on the Dalian bourse.
Coking coal jumped 3% to 3,807 yuan a tonne, and coke futures surged 7.1% to 4,502 yuan per tonne.
Steel rebar on the Shanghai Futures Exchange, used in construction sectors, inched up 0.5% to 5,449 yuan a tonne.
Hot rolled coils increased 0.5% to 5,700 yuan per tonne.
Shanghai stainless steel futures fell 0.7% to 20,700 yuan a tonne.
($1 = 6.4173 Chinese yuan renminbi)
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