Iron ore prices hit their highest levels in nearly five months, leading one analyst to forecast a further rally of up to 30 percent this year.
Prices of the industrial metal climbed to $141.80 per metric ton on Tuesday, a more than 60 percent increase from lows of around $86.70 per ton in September last year amid heightened fears over a Chinese economic slowdown.
Sentiment was buoyed heavy steel restocking in top consumer China on news the government will take softer approach on price control.
Recent better-than-expected import data from China also boosted sentiment. July imports jumped 17 percent on June's levels to a record 73.14 million metric tons, data showed on Thursday.
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