Iron ore is closing in on $60 a tonne

Photo by Scott Barbour/Getty Images

After a breather on Wednesday, iron ore’s rally resumed with gusto on Thursday.

According to Metal Bulletin, the spot price for benchmark 62% fines rose by a further 0.82% to $58.85 a tonne, leaving it at the highest level seen since September 6.

It has now risen in four of the five past sessions, extending its gain from Golden Week holidays in China to 5.35%.

Year to date it has rallied 35.1%.

There were similar gains recorded in both the spot prices for lower and higher grade fines.

In overnight trade, Chinese iron ore futures softened, indicating that the strength in spot markets may reverse on Friday.

The January 2017 contract on the Dalian Commodities Exchange closed trade at 439 yuan, down 0.68% for the session.

Trade in Chinese commodity futures will resume at midday AEDT, 30 minutes before the release of Chinese new house price data for September.

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