China Iron Ore Futures At 10 Months Low

Chinas iron ore futures recouped some losses after hitting a 10-month low on Tuesday as market sentiment was lifted by upbeat steel output data for March despite smog restrictions imposed by Beijing. The worlds biggest steel maker last month churned out a total of 73.98 million tonnes of steel, up 4.5 percent from a year ago, data from the National Bureau of Statistics showed last evening. Average daily steel output in March reached 2.39 million tonnes, the highest level since September and up 2.8 percent from combined January-February data and also year-on-year. Despite concerns of a glut, construction steel rebar contracts for October delivery on the Shanghai Futures Exchange rose 0.6 percent to 3,423 yuan..