Spot iron ore markets rose for a fourth consecutive session on Friday.
And, if Chinese futures are on the money, it looks like that winning run may continue today.
According to Metal Bulletin, the spot price for benchmark 62% fines rose by a further 0.8% to $56.79 a tonne, extending its gain in 2016 to 30.3%.
The current up streak is now the longest seen since late July.
According to market participants, trade was quiet following the conclusion of a iron ore conference in the northern city of Dalian held earlier in the week.
Speaking of Dalian, Chinese iron ore futures continued to climb on Friday, finishing the evening trade at 416 yuan, up 1.22% for the session.
Should that gain be maintained or built upon today, it points to the likelihood of another gain arriving in the spot price later in the session.
Trade in Dalian will resume at 11am AEST. Metal Bulletin’s iron ore index will be released after 8.30pm AEST.
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