Iron ore has been on an epic tear

Jordon R. Beesley/U.S. Navy via Getty Images

The iron ore price continued to push higher overnight, equalling the longest stretch of gains seen in over two years.

According to Metal Bulletin, the spot price for benchmark 62% fines rose by a further 30 cents, or 0.73%, to $41.30 a tonne.

From December 11 when the spot price hit a record-low of $38.30 a tonne, the price has now rallied by 7.83%. The benchmark price has now rallied for seven sessions in a row, equalling the longest stretch of gains seen since August 2013.

Despite the late flurry in December, the price has still fallen over 42% year to date.

Pointing to the likelihood that the rally will extend into an eighth session today, Chinese iron ore futures continued to rise in overnight trade with the most actively traded May 2016 futures contract on the Dalian Commodities Exchange jumping by a further 0.81% to 309.50 yuan.

Trade in Dalian will resume at 12pm AEDT today.

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