Iron ore prices rose on Wednesday, despite a slowdown in manufacturing activity amid power shortages in China.
According to Fastmarkets MB, the 62% iron benchmark imported to North China changed hands at $ 114.13 a tonne, up 1.7% from Tuesday's close.
Meanwhile, Chinese stainless steel futures fell more than 3%, declining for the fourth straight session.
China has recently been grappling with power shortages that have shut down power plants in major industrial centers, including Guangdong and Jiangsu, due to energy controls and a shortage of coal.
“Consumption of stainless steel in processing has been limited, especially in Guangdong,” said Fu Zhiwen, an analyst at Huatai Futures.
The top-selling stainless steel on the Shanghai Futures Exchange for November delivery fell 1.4% to 19,735 yuan ($ 3,052.02) a tonne.
Cost of delivery
The energy crisis in China has spiked shipping costs as the Asian country buys coal this winter to support its economy.
The giant cargo carriers Capesize, used to transport coal, now make nearly $ 75,000 a day, the highest since 2009. Those profits are up more than 50% this month as the battle over coal for power generation coincides with already strong demand. for industrial goods.
