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The iron ore price rose on Wednesday, as positive signals from China’s latest financial meeting boosted market sentiment.

Gina Rinehart’s Hancock Prospecting has delivered another mammoth profit as Australia’s richest person continues to diversify her interests beyond Hancock’s well-oiled iron ore cash machine.

China will play an even more critical role for us in developing the renewable technology in solar and wind and getting that cost down

"It is now clear that the Chinese government aims to, and is giving every indication that it will, maintain the target GDP and set GDP per capita," he said.

Iron-ore production in the first quarter ended September fell by 3% on the previous quarter, to 63.2-million tonnes

Rio Tinto reported a 1.2% rise in its third-quarter iron ore shipments on Tuesday, as the Anglo-Australian miner ramped up production at its Gudai-Darri mine.

China's iron ore imports remained firm in September, marking the third-highest volumes so far this year, although it fell from the near three-year high in August.

Australia-based miner Rio Tinto has announced its production results for the third quarter this year.