Iron ore down

SYDNEY: Dalian iron ore edged up from three-month lows on Friday as light holiday trade allowed markets a breather from mounting stocks and a deteriorating outlook for steel in the world´s biggest user of the metal. Overnight iron ore for delivery to China´s Qingdao port steadied after it fell to its lowest since last November on Wednesday. Iron ore for delivery to China´s Qingdao port traded at $68.68, according to Metal Bulletin. Iron ore on the Dalian Commodity Exchange climbed by 1.6 percent to 513.50 yuan a tonne. On Thursday it dropped to 495.50 yuan. The most active rebar on the Shanghai Futures Exchange rose by 2.3 percent to 2,990 yuan a tonne, after it fell to its weakest in more than two months on Thursday.