Chinese iron ore futures are on an absolute tear on Thursday, soaring more than 3% at one point earlier in the session.
According to pricing provided by the Dalian Commodities Exchange, the most actively traded January 2016 contract currently sits up 2.59% at 376.0 yuan.
If sustained – and it looks like it will at this point – it suggests spot iron ore prices may also rally this evening.
Amidst thin trade late last week, the spot price for benchmark 62% iron ore fines fell to $53.14 a tonne according to Metal Bulletin, the lowest level seen since July 27.
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