There’s just no stopping the iron ore rally at present.
According to Metal Bulletin, the spot price for benchmark 62% fines rose by a further 1.7%, or 79 cents, to $47.14 a tonne on Thursday, leaving the price at a fresh three-month high.
The rally over recent weeks has been amazing, particularly given the crescendo of negative sentiment towards the commodity in the early parts of the year.
Year to date the benchmark price has rallied 8.2%, with the gain from the all time record low of $38.30 a tonne struck back on December 11 now standing at an impressive 23.1%.
Suggesting the rally in the spot price may continue today, Chinese iron ore futures continued to push higher in overnight trade.
The most actively traded May 2016 contract on the Dalian Commodities Exchange last traded at 345.0 yuan, representing an increase of 1.32%.
If sustained during today’s day session – beginning at 12pm AEDT – is points to the likelihood of another bounce in the spot price when Metal Bulletin releases its iron ore index at 9.30pm AEDT this evening.