As the demand from Chinese steel mill kept rising, the futures of iron ore has risen by almost 6%, and it reached a new high since 2010.

The iron ore future for September delivery from the only futures exchange in Northeast China, Dalian Commodity Exchange, increased by around 5.8% to RMB 710/ton, which hit a new peak since July 2010.

However, the market warned that the process of restocking at steel mills would be decelerated once the demand increase slowed down.