The iron ore price leapt back above the $50 a tonne level on Friday, recording the largest one day percentage gains seen in months.
According to Metal Bulletin, the spot price for benchmark 62% fines rose by 3.94%, or $1.90, to $50.08 a tonne.
It was the largest percentage increase seen since April 29 this year, and left the year to date gain at 15%.
There was no one reason to explain the sudden bounce, other than the price has been pummelled of late, dropping 29% from April 21.
Despite the heroics on Friday, the benchmark price still lost 2.1% for the week.
Indicating that the gains in the physical market may extend into a second session on Monday, Chinese iron ore futures rose on Friday evening, adding 0.58% to 349.5 yuan.
If sustained or built upon during Monday’s day session, it points to the likelihood of a further rise in the spot price arriving later on this evening.
Trade will resume at 11am AEST.
Business Insider Emails & Alerts
Site highlights each day to your inbox.