Iron ore ripped higher last week, rallying nearly 10%

Photo by China Photos/Getty Images

The iron ore price continued to rally on Friday, extending its run of gains into a fifth consecutive session.

According to Metal Bulletin, the spot price for benchmark 62% fines rose by a further 0.46%, or 21 cents, to $45.73 a tonne, leaving the price at the highest level seen since mid-November last year.

For the week, the benchmark price rose by 9.6%, taking its gains from the all time record low of $38.30 a tonne struck on December 11 last year to 19.4%.

It is now closing in on the 20% gain deemed to mark a technical bull market.

With mainland Chinese markets now closed for the week-long Lunar New Year holiday, no spot pricing will be released until Wednesday, February 10. Chinese iron ore futures will also remain closed for the entire week.

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