Iron ore futures soar as supply concerns mount

Iron ore futures surged on Wednesday, with the Chinese benchmark jumping by 5 percent, as the coronaVirus outbreak on a bulk carrier at Australia's Port Hedland reignited fears about supply disruptions.

{reg}[PAID={"id":"12,13,14","title":"The content you tried to access is only available to paid subscribers.","link":"1"}] The steel-making ingredient climbed by 3 percent to $120.28 tons by 07:24 GMT on the Singapore Exchange. While a cargo ship was stranded at Port Hedland, one of the world's largest iron ore loading ports, after 17 of the 21 crew tested positive for the coronavirus, which ANZ analysts said was delaying shipments from the port.

Construction steel rebar on the Shanghai Futures Exchange climbed 1.1 percent while hot-rolled coil gained 1 percent. Stainless steel shipped 0.9 percent. Coking coal rose 0.4 percent and coke jumped 2.9 percent.