China's benchmark iron ore futures logged their first annual decline in three, with a roller coaster year that saw prices hit record highs before nearly halving amid Beijing's strict output curbs to meet climate change goals.
The most actively traded iron ore futures contract on the Dalian Commodity Exchange for May delivery ended 0.9% higher at 680 yuan ($106.71) per tonne on Friday, after dropping 12% in 2021.
After nearly quadrupling in 2019 and more than tripling in 2020, prices for the key ingredient climbed to a record 1,239 yuan a tonne on May 12, fuelled by robust steelmaking demand.
That concerned authorities as China relies on imports for more than 80% of its iron ore, mainly from Australia and Brazil.