December 4, 2019 / 3:04 AM / a day ago

China iron ore futures extend gains as shipments from Brazil fall

* Dalian iron ore up as much as 2.1% in morning trade

* Spot 62% iron ore at $89.5 a tonne

* Iron ore shipments from Brazil decline last week - Mysteel

BEIJING, Dec 4 (Reuters) - Iron ore futures in China extended gains into a second session on Wednesday, rising more than 2%, as data showed shipments from Brazil dropped last week.

The most-actively traded iron ore futures on the Dalian Commodity Exchange - the January 2020 delivery - climbed as much as 2.1% to 664 yuan ($94.33) per tonne in morning trade. It was up 1.5% at 660 yuan as of 0229 GMT.

Shipments of the steelmaking ingredient from Brazil stood at 6.0 million tonnes, down by 516,000 tonnes from a week earlier, data compiled by Mysteel consultancy showed.

Futures rose on Tuesday after Brazilian miner Vale SA lowered its outlook for iron ore production for the first quarter of next year.

Benchmark spot 62% iron ore stood at $89.5 per tonne on Tuesday, rebounding from three consecutive sessions of declines. SH-CCN-IRNOR62

Other steelmaking raw materials were mixed. Dalian coking coal futures edged down 0.04% to 1,239 yuan per tonne, while January coke contract jumped 1.1% to 1,879 yuan per tonne.

FUNDAMENTALS

* The most-traded construction steel rebar futures on the Shanghai Futures Exchange, for January 2020 delivery, inched up 0.2% to 3,627 yuan per tonne.

* Hot-rolled coil, used in cars and home appliances, rose 0.6% to 3,614 yuan per tonne.

* China hopes its new energy vehicle (NEV) sales can reach around a quarter of all car sales in 2025, the industry ministry said on Tuesday in a draft plan for development of the sector.

* President Donald Trump said on Tuesday a trade deal with China might have to wait until after the U.S. presidential election in November 2020, denting hopes that the two largest economies would soon reach an initial deal to ease their damaging trade war.

* Shanghai stainless steel future, for February 2020 delivery, dropped 0.7% to 13,910 yuan per tonne.

* China’s east Jiangsu province issued yellow alert for heavy pollution from Dec.3, official Xinhua news agency said.

* For the top stories of metals and other news, click TOP/MTL or MET/L

$1 = 7.0389 Chinese yuan renminbi Reporting by Min Zhang and Dominique Patton; Editing by Sriraj Kalluvila

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