Iron ore futures extended gains on Friday, and were headed for a third straight weekly rise, underpinned by renewed hopes that top consumer China’s crackdown on a price war will pave the way for another round of reforms to curb steel overcapacity. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 2.07% higher at 766 yuan ($106.82) a metric ton as of 0303 GMT. The benchmark August iron ore on the Singapore Exchange was 0.85% higher at $99.85 a ton as of 0253 GMT. Both benchmarks have risen 4% so far this week. The strength in the ferrous market was mainly driven by sentiment ... (full story)