China iron-ore hits six-week high, but steel output curbs to weigh

Iron ore futures in China rallied to their highest in nearly six weeks on Tuesday, extending recent gains along with steel prices, although steel production curbs over winter suggest further price increases in the raw material may be limited. Chinese cities have ordered their steel mills to cut output from this month through March as part of Beijing’s campaign to fight smog. Some cities, including top steelmaker Tangshan, have already enforced cuts since October.