Iron ore posts gains

BEIJING: Iron ore futures rebounded on Wednesday to hit a more than five-week high, helped by an improving steel market and anticipation of pre-holiday restocking by steelmakers in top consumer China.

The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 4.25% higher at 870 yuan ($120.20) a metric ton, the highest since March 11. It fell more than 1% on Tuesday.

The benchmark May iron ore on the Singapore Exchange climbed 5.63% to $115.55 a ton, as of 0700 GMT, hitting the highest since March 8.