Leo Zhang/Shanghai Daily news

Shanghai shares rebounded yesterday from a three-day losing streak led by steelmakers after the government expects iron ore prices to drop next year, easing concerns of mounting raw-material costs.
The Shanghai Composite Index, which groups both yuan-denominated A shares and hard-currency B shares, added 0.80 percent to close at 1,087.79.
The A-share index grew 0.80 percent to 1,143.64 and the B-share index was up 0.45 percent at 59.34.
"The official estimate assured investors that earnings at China's steelmakers may not be dented as heavily as expected," said Lu Chengde, a Guosen Securities Co trader.
Prices of iron ore may ease in 2006 as the supply of the raw material is expected to outstrip its demand, the Ministry of Commerce said in a statement on its Website late on Monday. Iron ore prices jumped a record 71.5 percent this year.
The global supply will likely top 62 million tons next year while demand may stay at 50 million tons, the ministry said.
Baoshan Iron & Steel Co, the listed arm of China's biggest steelmaker, advanced 2.08 percent to 3.92 yuan (49 US cents). Wuhan Iron & Steel Co, the country's third biggest, was up 0.36 percent to 2.81 yuan.
Shanxi Guoyang New Energy Co, China's biggest maker of anthracite coal, rose 1.76 percent to 9.81 yuan.