Iron ore at 10-week high on China restocking, stimulus hopes

Chinese steel futures rose to two-month highs on Wednesday, driven by hopes of more stimulus measures from Beijing to aid a slowing economy and backing further gains in iron ore prices that have leapt by more than 12 per cent in the past two days.

Chinese steel producers, the world’s biggest buyers of iron ore, returned to the spot market this week hungry for the raw material after last week’s National Day holiday, helping push iron ore prices to their highest in 10 weeks.

via Business feed http://www.scmp.com/business/commodities/article/1057877/iron-ore-10-week-high-china-restocking-stimulus-hopes