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China iron ore surges over 6%, logs fifth straight weekly gain

Reuters - Iron ore futures in China soared more than 6% on Friday and marked the fifth continuous weekly gain fuelled by rising production at steel mills and supply concerns in Brazil due to the coronavirus pandemic.

Capacity utilisation rates at blast furnaces in 247 mills across China, tracked by Mysteel consultancy, rose to 91.38% from 90.49%, as of Friday.

“High steel production level will sustain for a while, and portside inventories are still low, and will prop up and stimulate iron ore prices,” Huatai Futures said.

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