The most-traded May iron ore on China's Dalian Commodity Exchange, DCIOcv1, ended the session up 2.8% at $124.14 a tonne.
Iron ore futures ended a volatile year firmer on Friday, with the Dalian benchmark settling near a more than six-month high, propelled by optimism around top steel producer China’s unwinding of pandemic controls and economic support measures.
On the Singapore Exchange, iron ore’s benchmark January contract closed 1.8% higher at $117.20 a tonne, near a five-month high of $117.35. Iron ore scaled this year’s peak at $163 in March driven by China’s easing of pandemic restrictions and policy support for its slowing economy. It collapsed to $80 levels in November, dragged down by Beijing’s draconian “zero-covid” policy and a property sector downturn.
Other Dalian steelmaking inputs ended the session slightly lower, with coking coal and coke down 0.2% and 0.3%, respectively, while steel benchmarks also rose.
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