Chinese iron ore futures rose on Wednesday, touching a fresh seven-week peak before coming off their highs, as steel prices stabilised after recent gains and high port stocks pointed to ample supply.
The most-traded September iron ore contract on the Dalian Commodity Exchange was up 1.1 percent at 420 yuan ($63) a tonne by 0213 GMT, but off a session high of 424.50 yuan, the strongest since May 9.
Iron ore prices benefited from stronger steel prices this week as low steel inventories in China pointed to firm underlying demand.
But Shanghai steel futures stabilised on Wednesday after hitting seven-week highs in the prior session. The most-active rebar on the Shanghai Futures Exchange was little changed at 2,264 yuan a tonne after rising as high as 2,288 yuan on Tuesday
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