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.FILE PHOTO: Workers pour molten iron into a mould at a workshop in Hangzhou, Jiangsu province, China July 24, 2019. REUTERS/Stringer
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.
The most traded iron ore futures on the Dalian Commodity Exchange, for September delivery, jumped as much as 6.7% to 754 yuan ($105.50) per tonne, before closing up 6.4% to 752 yuan.
The contract gained 5.0% for the week.
Prices also increased amid supply worries in Brazil. The country reported a daily record of 26,417 new coronavirus cases on Thursday, bringing its total tally to 438,238, second only to the United States in confirmed cases.
Hot-rolled coils, used in cars and home appliances, closed up 3.2% to 3,542 yuan per tonne.
* Stainless steel futures fell 0.5% to 12,955 yuan per tonne.
* Fortescue Metals Group Ltd said on Friday it has been refused leave to appeal a court decision that gave an Aboriginal group exclusive title rights to land at its Solomon Hub iron ore mine in the Pilbara region of Western Australia.
* Spot prices of iron ore with 62% iron content for delivery to China was unchanged from previous session at $97 a tonne on Thursday. [SH-CCN-IRNOR62]