Metals Winners: Freeport, BHP Billiton

The big three diversified miners, whose iron ore trade is basically spelled "C-h-i-n-a," also roared higher. Brazil's Vale(VALE) rose 5.2%, while Australia's Rio Tinto(RTP) spiked 6.4%. BHP Billiton(BHP), meanwhile, currently the world's most famous mining company as it battles for control of fertilizer giant Potash, added 5.2%.

Cliffs Natural Resources, the iron ore supplier to North America's steelmakers, gained 5.6%. Canada's Teck Resources(TCK), big in zinc, shot higher by more than 6%.

Steel names also advanced sharply Wednesday, with steel prices in North America on the rise. U.S. Steel(X) shares rose 4.2%, Arcelor Mittal(MT) 5%, and AK Steel(AKS) 4.9%.

Higher scrap prices and "relatively low" inventories have recently given steelmakers the wherewithal to hike prices, wrote Anthony Rizzuto, metals and mining analyst at Dahlman Rose, in a note to clients Wendesday.

-- Written by Scott Eden in New York

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