The major iron ore miners moved higher on Thursday, leading the market gains. BHP Group rose 1.9 per cent to an eight-year high of $41.95, Rio Tinto added 3 per cent to $106.26 and Fortescue Metals Group climbed 5.5 per cent to $9.18.

Steel prices rose higher for a sixth straight session on Wednesday, with steel futures rising as much as 1.2 per cent on the Shanghai Futures Exchange and hitting 4013 yuan ($834) a tonne its highest price since August 2011.

BlueScope Steel shares advanced 4.2 per cent to $12.45 and Sims Metal Management rose 6.5 per cent to $11.22.

Bubs Australia shares advanced 31.7 per cent to $1.23 after penning a strategic partnership with China's number one baby store chain Kidswant. The partnership will make Bubs products available in 275 Kidswant stores, with sales of $6 million expected within the first fiscal year.

Fellow listed infant formula maker A2 Milk rose 2.1 per cent to $13.89 while Bellamy's Australia added 4.9 per cent to end the session at $7.95.

Pact Group Holdings climbed 11.4 per cent to $2.54 after the company entered a six-year, $50 million subordinated unsecured term loan. It warned that its full-year earnings before interest, tax, depreciation and amortisation would likely be at the low end of expectations.

Infrastructure stocks led the market losses on Thursday as the Australian 10-year bond yield recorded its biggest single day gain since November 2016.

Sydney Airport fell 2.3 per cent to $8.15, APA Group slid 3.3 per cent to $10.95 and Atlas Arteria dropped 1 per cent to $7.89.

Transurban fell 2.1 per cent to $14.97 as it started trading without the right to its most recent dividend. The company also completed a €350 million ($568 million) placement of senior secured 15-year notes.

Real estate investment trusts were also weaker on the stronger bond yield.

Cromwell Property Group fell 7.6 per cent to $1.16, Charter Hall Retail REIT dropped 4.9 per cent to $4.45, Vicinity Centres slid 5 per cent to $2.45, BWP Group lost 3.9 per cent to close at $3.75, Stockland declined 4.5 per cent to $4.23, Shopping Centres Australia closed 3.9 per cent lower at $2.45, Dexus shares slipped 3.3 per cent to $13.12 and Mirvac Group ended the session at $3.13, down 3.1 per cent.

However, Scentre shares closed 1.5 per cent higher at $3.97 after the property giant announced it sold its office towers in downtown Sydney to private equity firm Blackstone in a $1.5 billion deal.