DAILY: Mid-East tensions lift China's import iron ore prices

Chinese prices of imported iron ore for both portside stocks and seaborne cargoes posted significant gains on March 9. The jump can be attributed to a strong ore futures market, where prices rose on the back of climbing global fuel prices from the hostilities in the Middle East, a Shanghai-based analyst noted.

The most-traded iron ore derivatives contract for May delivery on the Dalian Commodity Exchange closed the daytime trading session at Yuan 784.5/t on Monday, up by 2.28% from last Friday's settlement price, according to the bourse's data. Also on Monday, Mysteel PORTDEX 62% Australian Fines in Qingdao gained by Yuan