China iron ore futures rise amid supply concerns over Australian cyclone

BEIJING, Jan 20 (Reuters) - Chinese iron ore futures gained on Wednesday, bouncing back from losses in the previous session, amid concerns that inclement weather conditions could disrupt shipments from major supplier Australia.

Australia's weather bureau said on Tuesday heavy rains are expected to continue though the La Nina weather pattern could have reached its peak.

The most-traded iron ore futures on the Dalian Commodity Exchange, for May delivery, rose 0.6% to 1,063 yuan ($164.32) per tonne as of 0238 GMT.

Other steelmaking ingredients fell, with Dalian coking coal declining 1.3% to 1,658 yuan a tonne and coke edging 0.1% lower to 2,708 yuan a tonne.

"Coking coal (price) was affected by state planner's call of expanding production to ensure supplies," said Wang Haitao, analyst with Huatai Futures in Beijing.

Steel rebar and hot rolled coil futures on the Shanghai Futures Exchange inched down.

The most active rebar futures dropped 0.4% to 4,311 yuan a tonne.

"Rebar prices have limited room for big fluctuations as some mills have rolled out their winter stocking plans," Wang added.

Hot rolled coil, used in the manufacturing sector, dipped 0.2% to 4,419 yuan a tonne.

Stainless steel futures on the Shanghai bourse inched up 0.1% to 14,310 yuan a tonne.

FUNDAMENTALS

* Spot prices of iron ore with 62% iron content for delivery to China <SH-CCN-IRNOR62> fell by $2.5 to $172 per tonne on Tuesday, according to SteelHome consultancy.

* BHP Group Ltd on Wednesday forecast record iron ore production for fiscal 2021, as the world's biggest listed miner looks to cash in on high prices for the commodity following restart of its Brazilian operations.

* China's top listed steelmaker Baoshan Iron & Steel Co Ltd expected its 2020 net profit to rise 1%-6% from the year earlier.

($1 = 6.4689 yuan) (Reporting by Min Zhang and Shivani Singh; Editing by Shailesh Kuber)

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