The big miners are surging on the ASX as iron ore continues its rally

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The miners are surging on the Australian market as the price of iron ore continues its rally, breaking through $US50 a tonne.

The pure play iron ore producer Fortescue metals is up more than 4% to 1.915.

The big miners are supporting the rest of the local market, with the broader ASX200 slightly down. BHP is 2.3% higher to $29.77 and Rio Tinto 2.44% to $56.30.

Among energy stocks, Woodside Petroleum is stronger by 1.65% to $35.83 and Santos 1.95% to $7.84.

The banks are all weaker, led by Westpac, down 0.89% to $39.21.

The ASX 200 is 11 points, or 0.19%, weaker at 5,935.50.

Here’s the upturn in iron ore prices:

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