Reuters reported that iron ore futures in China edged up as the market stabilized after recent steep falls in prices spurred buying interest in China

Iron ore contract for delivery in September on the Dalian Commodity Exchange closed 0.3% higher at CNY 690 per tonne. The contract rose slightly last week after falling in the prior five weeks.

According to data compiler Steel Index, Benchmark ore with 62% iron content for immediate delivery to China rose 0.2% to USD 94.50 per tonne on Friday.

A Shanghai-based iron ore trader said that "Supply is still more than demand, but we have probably seen the peak in supply for now and that's helping stabilise the market a bit.”

Spot iron ore prices rose last week after a seven week slide that pulled down the raw material to its weakest since September 2012.