BEIJING/MANILA- Benchmark iron ore futures in China fell on Friday and logged a fourth straight weekly decline as industrial demand remained sluggish due to steel output curbs in the country.
Capacity utilization rates of 163 blast furnaces at mills across the country stood at 62.39 percent, as of Nov.5, data from Mysteel consultancy showed, down from 66.17 percent the week earlier.
“We expect iron ore prices to find a floor around current levels,” ANZ Research wrote in a note. “But, constraints on China’s steel output are likely to remain until after the Beijing Winter Olympics, so the upside looks limited in the short term.”
The most-traded iron ore futures on the Dalian Commodity Exchange, for January delivery, ended down 3.2 percent at 561 yuan ($87.65) per ton. The contract fell 12.1 percent this week.
