Chinese iron ore futures are jumping

Charles-McQuillan/Getty

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.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.