NGLOY - Iron ore miners surge as China steel production seen resuming

China's iron ore futures surged overnight, sending global mining shares higher, as steelmakers look to resume production following government orders for strong controls in the past few months. Iron ore traders say the market is trading on expectation of rising steel production in December, according to Reuters. VALE +2.7%, RIO +2.1%, BHP +1.3% premarket, after all three rose sharply yesterday. Other relevant tickers include OTCQX:FSUMF, OTCQX:AAUKF, OTCQX:NGLOY, OTCPK:GLCNF, OTCPK:GLNCY The most actively traded iron ore futures (SCO:COM) on the Dalian Commodity Exchange closed +7.8% at 587 yuan/ton ($91.96), after rising as much as 9.9% in the biggest percentage gain since September 30, while spot prices of iron ore with 62% iron content (TIOC:COM) for delivery to China rose $4 to $95.50/ton.

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Iron ore miners surge as China steel production seen resuming