HANOI: Iron ore futures in Asia rose on Tuesday, as data showing strong profit growth at China’s industrial firms added momentum to a demand-driven record-setting rally for the steelmaking raw material and steel products.

September iron ore on China’s Dalian Commodity Exchange rose 1.2% to 1,151 yuan ($177.45) a tonne by 0330 GMT, boosting its year-to-date gain to 33%.

Iron ore’s May contract on the Singapore Exchange climbed 0.5% to $188.55 a tonne, after earlier touching $192.25 a tonne.

Physical demand for iron ore has become particularly strong ahead of a five-day Labour Day holiday in China from May 1.