Iron ore futures finished higher Wednesday in daytime trading on the Dalian Commodity Exchange (DCE).
The most active iron ore contract for January 2027 delivery rose 0.14 percent to close at 709.00 yuan (about 105.64 U.S. dollars) per tonne.
Iron ore futures were launched on the Dalian Commodity Exchange in October 2013 and have since become the world's most actively traded iron ore derivatives contract.
As the world's largest importer of iron ore, China opened the contract to international investors in May 2018, further enhancing its role as a key price benchmark for the global seaborne iron ore market.
China's iron ore futures finish higher Wednesday
Britain's annual inflation rate climbed 3.1 percent in August, driven mainly by higher fuel prices as the Middle East situation continued to disrupt oil supplies, official data showed on Wednesday.
The latest figures from the Office for National Statistics (ONS) showed the Consumer Prices Index (CPI) rose last month from the 2.9 percent seen in July, with transport costs up 4.6 percent year on year in August, accelerating sharply from the previous month's 3.6 percent increase as fuel became more expensive.
The ongoing tensions in the Middle East have kept oil markets on edge in recent months, which the ONS said has fed through to higher prices at the pump, lifting transport and shipping costs across the economy, and resulting in August's pickup in inflation.
The figures point to mounting price pressures ahead with the latest forecast from the Institute of Grocery Distribution (IGD), a food industry research charity, warning UK food price inflation could hit 6.6 percent next year, with the upward trend expected to persist until 2028.
UK inflation up 3.1 percent in August as fuel prices rise
