SINGAPORE: 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 0.25percent higher at 817 yuan (USD120.07) a metric ton, as of 0317 GMT. The contract has gained about 3percent this week so far.

The benchmark June iron ore on the Singapore Exchange was 0.23percent lower at USD110.50 a ton. The contract has gained 2.66percent this week so far.

Both contracts are set to record a fourth consecutive weekly increase. Higher steel prices are a positive for steel mill margins, buoying iron ore buying interest, according to consultancy Mysteel, adding that steel inventories also declined week-on-week.—Reuters