Steel futures in China extended their rally into a fourth day on Thursday, surging nearly 9 percent to their highest level since September 2014. The surge comes amidst brisk restocking demand on hopes that steel consumption will remain firm. 

Iron ore futures on the Dalian exchange also climbed to a 19-month peak. The rally could push the spot benchmark to fresh highs near 70 US dollars a ton. Supply cuts at major miners have also supported iron ore prices. September iron ore rose to its highest level since September 2014 on the Dalian Commodity Exchange. Tighter supplies following plant shutdowns last year, restocking by consumers and a pick-up in seasonal demand have combined to lift steel prices in China.