Chinese iron ore futures are on a tear again

APhoto by Hagen Hopkins/Getty Images

There just no stopping the iron ore price at present.

The most actively traded May 2016 iron ore contract on the Dalian Commodities Exchange has risen by a further 2% to 392.5 yuan today, leaving it at the highest level seen since October 21 last year.

Despite taking a tumble on Thursday, the spot price has been on a tear this year, rising 17.5% according to pricing from Metal Bulletin.

There may well be more gains to come should the movements in futures trade be replicated in spot pricing this evening.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.