Chinese iron ore futures rose for the fourth straight session on Wednesday, as investor sentiment shored up after the state council rolled out package to rescue the economy, though the jump could be restrained by steel output controls. China’s cabinet on Tuesday announced 33 measures including fiscal, financial and investment policies to revive its virus-hit .
Chinese iron ore futures logged their fifth session of gains on Thursday to scale more than six-week highs, as steel mills replenished inventories ahead of holidays and ramped up production as the virus-hit economy gradually recovers. “Global (iron ore) shipments are relatively stable and the demand side is improving,” analysts with commodities brokerage Galaxy Futures .