Dalian iron ore up

MANILA: Iron ore futures edged higher on Friday, keeping the Dalian benchmark contract on course for its biggest monthly gain since March, as top steel producer China ramped up output in anticipation of increased construction-related demand.

Prices of the steelmaking ingredient in Singapore, however, fluctuated this week in a narrow range of $94-$97 a tonne, as a stringent zero-COVID policy and property sector downturn in China tempered the optimism about demand.

Pre-holiday steel restocking demand also picked up, while inventories at trading houses declined further.