China iron ore futures rise to two-week high, steel drops further
MANILA, March 15 (Reuters) - Iron ore prices in China rose on Friday, with the benchmark futures contract extending a modest rally to close at the highest in two weeks, after some steel mills were reportedly allowed to resume sintering operations.
But steel futures dropped further, with steel rebar falling 0.6 percent for the week, the first weekly decline in four weeks, as concerns persist over a weak demand outlook amid high Chinese output.
The May 2019 iron ore contract, the most active on the Dalian Commodity Exchange, rose 1.5 percent to 627 yuan ($93.32) a tonne.
Spot iron ore for delivery to China SH-CCN-IRNOR62, with 62 percent iron content, rose for a second day on Thursday to $87 a tonne from $85.50 the day before, according to SteelHome consultancy.
