Chinese iron ore futures jumped to a near four week top amid expectations for a seasonal pick up in steel demand and hopes that Beijing may step in to support economic growth.

The most active rebar for October delivery on the Shanghai Futures Exchange closed 0.15% higher at CNY 3,331 per tonne. It touched a session high of CNY 3,346 its loftiest since March 7.

The most-traded September iron ore contract on the Dalian Commodity Exchange rose to CNY 802 per tonne highest since March 6, before ending up 1.4% at CNY 800.

Mr Ding Rui an analyst with Zhongcai Futures in Shanghai said that "It's a technical correction for steel-related commodities futures and after a string of weak economic data, the overall market atmosphere is improving amid hopes that Beijing will take some measures to maintain growth.”

An iron ore trader in Beijing said that "Steel mills' orders increased slightly in March compared with the first two months, although their profit remains tiny and inventories are high. It's a bit positive for iron ore.”