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Mining companies and metal producers gained in Sydney on Tuesday, pushing the bourse’s mining index to a three-year high following a strong rally in Chinese iron and steel prices on Monday.
The ASX 300 Metals & Mining index jumped 2 per cent in early trading on Tuesday to its highest point since August 2014.
BlueScope Steel was among the biggest gainers, up 4.3 per cent, followed by iron ore producers Fortescue Metals Group, up 3 per cent, and BHP Billiton and Rio Tinto, up 2.4 per cent and 2.1 per cent, respectively.
The share price moves came after an commodities rally in China on Monday. Futures contracts for one tonne of iron ore climbed 3.6 per cent on the Dalian Commodity Exchange while on the Shanghai Futures Exchange the price for a tonne of steel rebar rose 1 per cent.
Iron ore spot prices also rose on Monday with 62 per cent fines, including freight, at Qingdao – the industry benchmark – rising 5.8 per cent to $63.36 a tonne.
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