RIO - China iron ore futures surge after India raises export duties

Benchmark iron ore futures in China surged nearly 7% on Monday following India's move to raise export duties on some commodities in an attempt to curb inflationary pressures, Reuters reports. India, one of China's major non-mainstream iron ore suppliers, increased export duties for iron ore and steel intermediates, with new iron ores and concentrates tariffs raised to 50% from 30% and duties on pellets hiked to 45% from zero. The most-active iron ore futures (SCO:COM) on the Dalian Commodity Exchange closed +4.4% to 864 yuan/metric ton ($129.65), after rising as much as 6.9% to 884 yuan/ton, the highest since May 6, according to Reuters. Top global iron ore producers are indicated higher in pre-market trading, with (NYSE:RIO) +2%, (NYSE:VALE) +1.9%, (NYSE:BHP) +1.3%; other potentially relevant tickers include (OTCQX:FSUMF), (OTCQX:AAUKF), (OTCQX:NGLOY), (OTCPK:GLCNF), (OTCPK:GLNCY) Iron ore futures jumped late last week after China cut its benchmark reference rate for mortgages by more

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China iron ore futures surge after India raises export duties