WLTW

Willis Towers Watson Public Limited Company

231.56
USD
-1.19%
231.56
USD
-1.19%
197.63 271.87
52 weeks
52 weeks

Mkt Cap 28.85B

Shares Out 124.61M

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China iron ore futures jump nearly 7% after India hikes export duties

May 23 (Reuters) - Benchmark iron ore futures in China rose about 7% in early trade on Monday, tracking their biggest daily jump in two-and-a-half months, after India increased export duties on some commodities to rein in broadening inflationary pressures. Asia's third-largest economy raised export duties for iron ore and steel intermediates, with new iron ores and concentrates tariffs increased to 50% from 30% and duties on pellets hiked to 45% from zero. The government also removed import tariffs for coking coal and coke. India is one of the major non-mainstream iron ore suppliers for China, accounting for nearly 3% of China's total imports in 2021. However, China's purchase from the country fell sharply in the first four months of this year due to increasing demand in India and falling iron ore prices. "Impact from the changes in iron ore export tariffs in India is not that significant," said Cheng Peng, an analyst with SinoSteel Futures. "The key issue is on the supply side, and that would have bigger impact on market expectations (that India could offset disruptions caused by the Ukraine-Russia conflict)." The most-traded iron ore futures on the Dalian Commodity Exchange DCIOcv1, for September delivery, were up 4.4% at 864 yuan ($129.18) a tonne, as of 0208 GMT, after rising as much as 6.9% to 884 yuan, their highest May 6, in early trade. Singapore iron ore futures SZZFM2, for June delivery, rose 1.4% to $136 a tonne. Other steelmaking ingredients on the Dalian bourse were mixed, with coking coal DJMcv1 falling 0.9% to 2,610 yuan a tonne while coke prices DCJcv1 jumped 1.2% to 3,437 yuan per tonne. Steel rebar on the Shanghai Futures Exchange SRBcv1, for October delivery, edged up 0.2% to 4,622 yuan a tonne and hot-rolled coils SHHCcv1 gained 0.3% to 4,762 yuan per tonne. Shanghai stainless steel futures SHSScv1 declined 1.9% to 18,595 yuan a tonne. ($1 = 6.6883 Chinese yuan) (Reporting by Min Zhang in Beijing and Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu) ((min.zhang@thomsonreuters.com; (8610) 5669-2105;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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