Iron Ore Gets Second Weekly Boost on Hopes of Supply-Side Reform

Iron ore headed toward the highest close since May as China’s renewed focus on supply-side reform lifted expectations for the country’s steel market.

Futures of the steel-making ingredient were on course for a second weekly gain as prices rose back above $96 a ton. Beijing’s top leaders this week vowed to curb outdated industrial capacity, which could boost prices of raw materials due to the potential positive impact for steel-mill margins.