Buoyed by actions taken by the United States and China to reduce tariffs following a trade agreement, raising hopes for a lasting resolution to the trade dispute, iron ore futures prices hit their highest level in more than five weeks on Wednesday.

The most traded iron ore contract in September on the Chinese commodity exchange in Dalian (DCE) was up 1.81% to 732.5 yuan (101.51 dollars) per metric ton in September, at 02:15 GMT. The contract reached its highest level since April 7 at 736.5 yuan per ton at the start of the session. The June reference price of iron ore on the Singapore Stock Exchange was up 1.6% to 101.1 dollars per ton at 02:05 GMT. Earlier in the day, the contract reached its highest level since April 4 at $101.45

Other steel-making ingredients on DCE have also gained traction, with coking coal and coke increasing by 0.97% and 0.86% respectively.