Iron ore futures in China rose on Monday as a recovery in steel prices helped the raw material rebound from four-month lows, while Citigroup said the suspension of shipments from a mine in Brazil after a flooding disaster may also be bullish for prices.
BHP Billiton Ltd said it was reviewing its fiscal 2016 iron ore production guidance of 247 million tonnes after a dam ruptured at the Samarco Minera??o S.A. mine, killing at least two people and with 28 still missing.
While Samarco accounted for only 1.8 percent of global iron ore exports last year, it represents around a fifth of global exports of iron ore pellets, Citigroup said in a report.
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