Iron ore and steel futures in China advanced on Wednesday, with the Shanghai rebar futures for October up 1.18 percent in the afternoon local time. Iron ore futures for September, traded on the Dalian Commodity Exchange, were up 0.39 percent. Spot iron ore for immediate delivery to China's Tianjin port was at $54.20 a tonne on Tuesday, down from $55.60 on Monday.
Metal plays in the region were mixed, with major miners in Australia advancing while some Chinese metal plays slipped. Shares of Rio Tinto closed up 1.34 percent, Fortescue up 2.11 percent and BHP Billiton adding 4.04 percent.
Chinese metal stocks were mostly lower, with Aluminium Corp down 0.76 percent and Yunnan Copper down 0.3 percent.
In company news, one of Australia's large grain storage companies, GrainCorp, announced its half-year profit numbers on Wednesday, with net profit at 20 million Australian dollars ($14.7 million) for the period, with the company saying global trading conditions will continue to weigh on the Australian grains sector in the near term.
Shares of GrainCorp closed down 2 percent.
Japanese automaker Toyota released its full fiscal year 2016 financial numbers, after the Japanese stock market closed. The automaker saw net income for fiscal 2016 rise 6.4 percent to 2.31 trillion yen ($21.26 billion) and said it expects a 35 percent drop in net income for fiscal 2017.
Troubled air-bag maker Takata also reported a full-year net income loss of 13.1 billion yen for the year ended in March, hit by costs for recalls of its potentially deadly airbag inflators, reported Reuters.
Stateside, major indexes closed higher, with the Dow Jones industrial average up 1.26 percent, the S&P 500 adding 1.25 percent and the Nasdaq composite higher by 1.26 percent.
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