For the second consecutive session, the contracts at term on iron ore Dalian fell on Friday, penalized by the rise port stocks of this key ingredient in the steel industry in China.

The most traded iron ore contract in May on the Dalian Commodity Exchange (DCE) in China closed the morning session in fell by 0.55% to 816 yuan ($116.92) per metric ton.

The contract grew by 3.4% since the start of the week.

The reference price of iron ore for February delivery on the Singapore Stock Exchange was up 0.37% at $108.25 per ton at 3:37am GMT, an increase of 2.7% since start of the week.

Stocks of imported iron ore in major Chinese ports increased for the seventh week in a row, increasing by 1.9% over one week to reach 162.7 million tonnes in January 8, a level close to the record of 162.8 million tons, according to data from the consulting firm Mysteel.

Steel inventories increased by 1.9% in weekly sliding, according to Mysteel data, which also weighed on the morale of investors.

Other steel raw materials Negotiations on the DCE have declined, coal coking and coke are falling by 1.08% and 2.13% respectively.

The steel reference prices on the Stock Exchange Shanghai futures fell.

The rebars have decreased by 1.04%, the hot-rolled coils were tempered by 1.11%, the Wire rod fell slightly by 0.03% and stainless steel fell by 0.43%