FSUMF - Iron ore's latest jump lifts global miners higher

Global miners are poised for strong gains today as iron ore prices jumped 10% in Singapore overnight, extending iron ore's surge since a September low to nearly 50%. Iron ore's big three are all higher pre-market - VALE +2.6%, BHP +2.7%, RIO +3.2% - as well as steel producers including X +1.9%, MT +4.7%, NUE +1.6% and CLF +1.8%. Bloomberg reports futures in Singapore surged 10% to $137.25/metric ton and prices in Dalian rose 4.8%. Rebar margins in China rose in late September, Bloomberg reports, citing a Mysteel survey of 91 blast furnaces mills in the country, while daily crude steel production in early October is expected to rise 0.6% vs. late September levels to 2.6M tons. China's steel production restrictions may lighten up heading into 2022 to meet strong demand, Fortescue (OTCQX:FSUMF) CEO Elizabeth Gaines reportedly said last week at the Financial Times Mining Summit.

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Iron ore's latest jump lifts global miners higher