Iron ore futures prices rebounded on Wednesday. Although the expectation of slower seasonal demand limited gains, some investors closed their short positions to cash

The most traded iron ore contract in September on the Chinese Dalian Commodity Exchange (DCE) closed the day up 1.37% at 704.5 yuan (97.98 dollars) per metric ton, after reaching a low of nearly two months the day before. The July reference price of iron ore on the Singapore Stock Exchange was up by 0.95% to $95.2 per ton at 07:57 GMT

Prices have fallen dramatically in recent days, leaving futures prices below spot prices, which means a limited margin of decline for short-term futures, said Steven Yu, senior analyst at consulting firm Mysteel.

The other ingredients used in steelmaking, coking coal and coke, rose 7.19% and 5.72% respectively, after hitting lows in nearly nine years on Tuesday.