(Updates to close)
March 15 (Reuters) - Australian shares closed up slightly on Wednesday, recovering from losses earlier in the session after a late rally in mining stocks.
The S&P/ASX 200 index .AXJO ended the session up 0.3 percent, or 14.86 points, at 5,774.
The mining index .AXMM rose 1 percent for a third straight day of gains, led by BHP Billiton (LON:BLT) Ltd BHP.AX and Fortescue Metals Group Ltd FMG.AX , which rose 1.5 percent and 5.7 percent, respectively.
Iron ore futures in China surged more than 5 percent, after steel prices rose to a three-year high on hopes for strong demand. IRONORE/
Real estate stocks also ended higher with GPT Group GPT.AX gaining 3.1 percent and Viva Energy Reit Ltd VVR.AX closing 5 percent higher.
Dairy company Bega Cheese Ltd BGA.AX climbed 4.5 percent, hitting a 20-week closing high.
The financials index .AXFJ edged up 0.2 percent as investors kept an eye on the U.S. Federal Reserve, which is expected to announce a hike in interest rates later on Wednesday. companies in the S&P/ASX 200 index posted 52-week highs, while three fell to one-year lows.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.6 percent, or 45.79 points, to finish the session at 7,131.3 points.
Materials, industrials and consumer discretionary stocks were the biggest drag on the index.
Building material supplier Fletcher Building Ltd FBU.NZ fell 2.1 percent to hit an eight-month closing low.
New Zealand Refining Company Ltd NZR.NZ was the biggest loser on the index, sliding 4.6 percent to a four-month low.