In line with the 3.61% surge in Chinese iron ore futures Thursday, the spot iron ore price has jumped higher overnight.
According to Metal Bulletin the spot price for benchmark 62% fines rose by 71 cents, or 1.26%, to $57.02 a tonne.
The increase left the spot price at the highest level since July 1.
From the record-low level of $44.59 a tonne struck on July 8 this year, the price has now rebounded by an impressive 27.9%.
Year to date the price has fallen by $14.24, or 20%.
Suggesting that the year to date decline may continue to narrow, the most actively traded January 2016 iron ore contract on the Dalian commodities exchange rose by a further 0.13% to 385.0 yuan overnight.
If sustained today it suggests a modest rise in the spot price could arrive this evening.
Trade in Dalian futures resumes at 11am AEST.