* Dalian iron ore rises as much as 4.5 pct
* Shanghai rebar gains more than 2 pct
* Iron ore restocking seen nearly done ahead of holiday
By Manolo Serapio Jr
MANILA, Sept 29 Iron ore futures in China jumped
more than 4 percent to a three-week high on Thursday, tracking
gains in steel prices, even as appetite for spot cargoes was
limited ahead of a week-long holiday in the top consumer.
Chinese markets will be shut Oct. 3-7 for the National Day
The most-active iron ore for January delivery on the Dalian
Commodity Exchange climbed as much as 4.5 percent to
426.50 yuan ($64) a tonne, its strongest since Sept. 6. The
contract was up 3.6 percent at 422.50 yuan by midday.
On the Shanghai Futures Exchange, construction steel product
rebar rose 2.2 percent to 2,322 yuan a tonne.
Iron ore's gains were largely driven by steel, said Wang Di,
analyst at CRU consultancy in Beijing.
"We don't see too much change in fundamentals. It's the
pre-holiday period and I think buyers have almost completed
their restocking," said Wang.
Wang expects demand for the steelmaking raw material to
remain firm after China's holiday with steel production staying
high. Although she said there could be some downside risk with
steel stocks building up, suggesting slow demand.
Stocks of rebar at 28 major Chinese cities stood at 4.3198
million tonnes as of Sept. 23, the highest since mid-April,
according to data tracked by SteelHome consultancy.
Reflecting lean demand for immediate cargoes, the price of
spot iron ore dropped for a third straight day on Wednesday.
Iron ore for delivery to China's Tianjin port .IO62-CNI=SI
slipped 0.5 percent to $55.90 a tonne, the lowest in a week,
according to The Steel Index.
($1 = 6.6696 Chinese yuan)
(Reporting by Manolo Serapio Jr.; Editing by Joseph Radford)