BEIJING – Benchmark iron ore futures in China tumbled on Friday and were on course for a fourth straight weekly fall, as worries over steel output controls overshadowed demand for steelmaking ingredients and gobbled up gains logged earlier this week.
Overall iron ore supplies from the top four miners are expected to increase significantly in the second half of 2021, SinoSteel Futures wrote in a note.
If environmental-related production controls are to be implemented strictly, the market might have an oversupply of iron ore, the note added.
The most-actively traded iron ore futures on the Dalian Commodity Exchange, for September delivery, fell 2.8 percent to 1,174 yuan ($181.05) per ton as. They are set to fall 0.7 percent this week.
Spot prices of iron ore with 62 percent iron content for delivery to China was unchanged at $219 per ton on Thursday, according to SteelHome consultancy.
