Iron ore makes it four gains on the trot

BEIJING, CHINA – AUGUST 25: Fabrice Lapierre of Australia competes in the Men’s Long Jump final during day four of the 15th IAAF World Athletics Championships Beijing 2015 at Beijing National Stadium on August 25, 2015 in Beijing, China. (Photo by Patrick Smith/Getty Images)

Iron ore made it for gains on the trot on Wednesday, its longest winning streak since mid-April.

According to Metal Bulletin, the spot price for benchmark 62% fines rose by 0.04% to $52.56 a tonne, extending its gain from Thursday last week to 9.1%.

The gain, the smallest in the current sequence, followed news that Chinese iron ore imports rose by over 3% in May, taking the total amount of ore imported by the nation over the past 12 months to nearly a billion tonnes.

Chinese markets will be closed on Thursday and Friday for the Dragon Boat Festival holiday, including the Dalian Commodities Exchange.

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