October 28, 2019 / 8:10 AM / 20 days ago

UPDATE 1-China iron ore eases as Samarco wins permission to restart operations

* Dalian iron ore gives up morning gains

* Spot 62% iron ore steady at $86.50 a tonne

* Samarco wins permission to resume operations (Adds details; updates closing prices)

BEIJING, Oct 28 (Reuters) - China’s Dalian iron ore futures eased for the first time in five sessions on Monday after a mining joint venture between Vale SA and BHP Group in Brazil won permission to resume operations suspended after a 2015 dam collapse.

The environmental regulator of the Brazilian state of Minas Gerais said late last week it had given the project the green light to restart.

The most-active traded iron ore futures on the Dalian Commodity Exchange, for January delivery, gave up early gains to inch down 0.1% to 627 yuan ($88.77) a tonne on Monday.

But Darren Toh, data scientist at Singapore-based steel and iron data analytics company Tivlon Technologies, said he remained bullish on iron ore.

Steel inventory is easing and the pace of infrastructure projects is accelerating, said Toh, adding that increasing property investment was also being seen.

FUNDAMENTALS

* Benchmark spot 62% iron ore for delivery to China stood at $86.50 a tonne on Friday.

* The most traded construction steel rebar futures contract on the Shanghai Futures Exchange, for January delivery, rose 0.2% to 3,327 yuan a tonne.

* Hot-rolled coil, used in cars and home appliances, closed down 0.1% at 3,341 yuan.

* Stainless steel, made from nickel pig iron, rose 0.5% to 15,005 tonne.

* Other steelmaking ingredients also fell, with Dalian coking coal dipping 0.7% to 1,248 yuan and Dalian coke down 1.8% at 1,748 yuan a tonne.

* The U.S. Trade Representative’s office and China’s Commerce Ministry said both sides are “close to finalising” some parts of a trade agreement after high-level telephone discussions on Friday, and would continue to talk.

* Profits at China’s industrial firms contracted for a second straight month in September as producer prices continued their slide, highlighting the toll a slowing economy and protracted U.S. trade war are having taken on corporate balance sheets.

* China's Commerce Ministry said the third Global Forum on Steel Excess Capacity Ministerial Meeting was held in Tokyo on Oct. 26. The Ministerial meeting did not reach a consensus on the extension of the forum, which will end as its duration expires this year. (Source text link :bit.ly/2omNu3N)

* For the top stories metals and other news, click TOP/MTL or MET/L ($1 = 7.0628 Chinese yuan renminbi) (Reporting by Min Zhang and Tom Daly; Editing by Shounak Dasgupta and Jan Harvey)

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