Iron ore extends fall on softer China demand, set for second weekly gain

Iron ore futures prices fell for the second consecutive session on Friday due to weaker demand and shrinking steel margins in China. The January iron ore contract on the Dalian Commodity Exchange dropped 0.25% to 786 yuan per ton, while the December contract on the Singapore Exchange fell 0.24% to $103.7 per ton. Despite this, both benchmarks are set for a second weekly gain, up by 1% so far this week. Seaborne iron ore prices have remained above $100 in November, supported by tight supply amid ongoing negotiations between China's state iron ore buyer and BHP.