The rally in Chinese iron ore futures overnight has extended further today.
The most actively traded January 2016 contract on the Dalian commodities exchange, having been up 2.39% overnight, currently sits up 3.66% at 368 yuan.
The contract is now within touching distance of rising 4%, the maximum allowable daily amount according to contract specifications.
Given the good relationship between futures and movements in the iron ore spot price, it looks likely that another hefty increase will arrive this evening.
Metal Bulletin will release its updated spot pricing at 9pm AEST.