Iron ore prices surged Wednesday, extending a strong March gain that marked the best monthly performance since September 2024, driven by tropical storms in Australia and a pricing dispute involving BHP Group and China's state-run buyer. Singapore futures rose as much as 1.3% to $106.70 a ton, while Dalian contracts climbed nearly 8% last month to $105.48. The market now faces new risks from a diesel shortage impacting smaller miners like Fenix Resources, though analysts say operational disruption remains limited. Rio Tinto noted cyclone-related output losses of about 8 million tons but expects to recover half and maintain full-year guidance.

Concerns over BHP's supply restrictions and storm-related shipping disruptions also supported prices.