Iron ore price rises as China demand hopes persist

The iron ore price extended its rally on Wednesday, as traders clung to hopes that recent policy actions in China will spur demand.

Overall sentiment remained upbeat despite October data showing new home prices fell at their fastest pace since 2015. Steel futures and other steelmaking inputs in China also advanced.

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $97.53 a tonne Wednesday morning, up 1.7%.