SYDNEY, AAP – Iron ore miners have helped Australian shares to their first week of gains in three as the steel-making commodity fetched a record price.

Fortescue Metals and Rio Tinto gained about one per cent after iron ore prices topped $US200 per tonne in futures trading due to Chinese steelmakers’ demand.

The benchmark S&P/ASX200 index on Friday closed higher by 19.1 points, or 0.27 per cent, to 7080.8.

The All Ordinaries closed up 19.2 points, or 0.26 per cent, to 7325.2 points.

For the week, shares were better by 0.78 per cent.

The Australian dollar was buying 77.67 US cents at 1621 AEST, higher from 77.41 US cents at Thursday’s close.