Iron ore price up despite Chinese steel curbs

The iron ore price rose on Friday even as production at steel mills stayed sluggish amid government curbs in China.

Capacity utilisation rates of blast furnaces at 247 steel firms across the country declined for the seventh straight week and stood at 74.8% as of Friday, down from 75.2% a week earlier, according to Mysteel consultancy.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $102.36 a tonne, up 0.7% from Thursday’s closing.