Iron ore's extended rally comes just days after China's top steel companies sought government help in keeping the market stable.

They will also examine whether companies are using affiliated entities to place trades on the DCE in violation of the market rules.

Vale had announced it would pay $106 million to compensate workers affected by the deadly rupture of a tailing dam in January.

In a statement, Vale said the deal also involves individual compensation for moral and material damages.

One of the prevailing China narratives in commodity markets is that the trade dispute with the United States is weakening demand in the world’s biggest importer of natural resources.

BHP and rivals are benefiting from a booming iron ore market amid strong Chinese demand and supply disruptions from Brazil to Australia.

The United Nations shipping agency is introducing tougher anti-pollution standards in the industry's biggest shake-up for decades.

China's economic growth is expected to slow to a near 30-year low of 6.2% this year, a Reuters poll showed.