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Dalian iron ore gains as steel prices rise; on track for fourth weekly gain
Dalian iron ore futures gained marginally on Friday, their fifth straight session of rise, as higher steel prices supported the key steelmaking ingredient while expectations of higher shipments weighed. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) traded 0.25% higher at 817 yuan ($120.07) a metric ton, as of 0317 GMT. The contract has gained about 3% this week so far. The benchmark June iron ore on the Singapore Exchange was 0.23% lower at $110.50 a ton. The contract has gained 2.66% this week so far. Both contracts are set to record a fourth consecutive weekly increase. ... (full story)