On Friday, iron ore futures continued to gain and headed for a third consecutive weekly increase. They are supported by renewed hope that the repression of the price war by the main Chinese consumer will pave the way for a new series of reforms to limit overcapacity in steel production

The most traded iron ore contract in September on the Chinese commodity exchange in Dalian (DCE) rose by 2.07% to 766 yuan (106.82 dollars) per metric ton at 03:03 GMT. The August reference price of iron ore on the Singapore Stock Exchange was up by 0.85% to $99.85 per ton at 02:53

Both benchmarks are up 4% since the start of the week.

Other steel-making ingredients on DCE saw further increases, with coking coal and coke increasing by 4.02% and 2.71% respectively.