Futures on iron ore have fell on Friday and were on the verge of recording weekly losses. La weakness in steel demand and production cuts have exerted a downward pressure on prices in China, the world's largest consumer.

The most traded iron ore contract in January on the Dalian Commodity Exchange (DCE) in China fell by 1.16% to 766 yuan ($107.54) per metric ton at 02:02 GMT.

The contract was expected to end the week down by 3.95%.

The reference price of iron ore for Delivery in December on the Singapore Stock Exchange was down by 1.79% Friday, at 102.05 dollars per ton.

The contract has fallen by 3.9% since the start of the week.

Other listed steel raw materials at the DCE increased, with coking coal and coke gaining 0.16 respectively % and 0.11%. Most of the steel benchmarks in Shanghai Futures exchanges have also advanced.

The rebars have gained 0.43%, wire rod increased slightly by 0.06% and steel stainless has firmed up by 0.08%, while hot-rolled coils fell by 0.06%