China's Dalian iron ore futures rose as much as 2.3% on October 28, the highest in more than ten days, fueled by trade optimism between the world's two largest economies, while firm demand from infrastructure and property sectors also helped.
The United States Trade Representative's office and China's Commerce Ministry said both sides are ''close to finalizing'' some parts of a trade agreement after high-level telephone discussions on October 25, and would continue to talk.
The most-active traded iron ore futures on the Dalian Commodity Exchange, for January 2020 delivery, jumped as much as 2.3% to 642 yuan/t ($90.93/t) in morning trade.
Benchmark spot 62% iron ore for delivery to China stood at $86.5/t on October 25.
The most traded construction steel rebar futures contract on the Shanghai Futures Exchange, for January delivery, increased 0.3% to 3,330 yuan/t.
Hot-rolled coil, used in cars and home appliances, edged down 0.1% to 3,342 yuan/t.
Stainless steel, made from nickel pig iron, rose 0.1% to 14,940 yuan/t.
Other steelmaking ingredients mixed, with Dalian coking coal up 0.2% to 1,259 yuan/t while Dalian coke down 1.2% to 1,758 yuan/t.
Samarco, a joint venture between Vale SA and BHP Group, got permission on October 25 to resume operations at their Germano iron ore mine, roughly four years after a fatal dam collapse there.
(Writing by Tian Zhang Editing by Tammy Yang)
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