Mirroring the surge in Chinese futures which sat 4% limit up over the entirety of Friday’s session, the spot iron ore price soared over the weekend.
According to Metal Bulletin, the spot price for benchmark 62% ore jumped by $2.11, or 3.91%, to $56.04 a tonne.
It was the largest one-day percentage move since August 3 this year.
Indicating that the surge in the spot price may continue this evening, Dalian iron ore futures continued to push higher on Friday evening with the most actively traded January 2016 contract rising by a further 1.85% to 385 yuan ($60.30).
Trading in Dalian will resume at 11am AEST.