Iron ore futures ended lower on Friday, but the benchmark Dalian contract posted its biggest weekly gain in three months on hopes of robust demand for the steelmaking raw material as China’s steel inventories shrank.
Iron ore on China’s Dalian Commodity Exchange closed 0.8 percent down at 832.50 yuan ($125.67) a ton. It gained 5.3 percent for the week, its steepest weekly rise since early August.
The Singapore Exchange benchmark slipped 0.8 percent to $118.94 a ton, after scaling a contract-high of $121.78 on Thursday. It has climbed 4.2 percent this week.