Iron ore recovers in price

China's stimulus could push steel futures to a higher level. The best-selling iron ore futures on the Dalian Commodity Exchange for January 2020 delivery rose 1.8% to 655.50 yuan ($ 91.90) a tonne after falling 3.6% earlier in the session.

On the Singapore Exchange, October contracts for the first month fell 1.1% to $ 85.04 a tonne in the morning, but rose 3.6% at the end of trading.

China's central bank said Friday that it will cut the amount of cash that banks have to keep as reserves for the third time this year, releasing 900 billion yuan of liquidity to support a weakening economy.

Meanwhile, China's exports fell unexpectedly in August as shipments to the United States slowed sharply, indicating further weakness in the world's second largest economy and underscoring the urgent need for additional stimulus as the Sino-US trade war escalates.

Iron ore futures traded weaker early in the session after data showed that steel imports into China rose to a 19-month high in August, the latest indication of an ongoing rebound from recent supply-side concerns.

China boosted its imports of iron ore in anticipation of accumulation ahead of China's national holidays in early October.

The most active rebar construction contract on the Shanghai Futures Exchange rose 2.3% to 3497 yuan a tonne, the highest close since August 5 this year. Hot rolled steel, steel used in automobiles and household appliances, jumped 2.8% to 3,528 yuan, the strongest result since August 1.