Reuters reported that hopes that iron ore demand from China will rise after February’s Lunar new year brought prices of the metal up to two-week highs.

As quoted in the market news:

Benchmark iron ore with 62 percent iron content .IO62-CNI=SI gained 0.4 percent to $118.40 a tonne on Thursday, according to Steel Index, the highest since Nov. 23.

Rising for a third straight day, iron ore is up more than 2 percent for the week, its best performance in six weeks.

Click here to read the full Reuters report.