The price of iron ore has snapped a seven-day losing streak, with Australia's top export clawing back above $US47 a tonne.
Benchmark iron ore for delivery to the Port of Tianjin rose l.9 per cent to $US47.60 a tonne on Tuesday, while it was 2.1 per cent better at $US48.06 at the also closed watched Qingdao China index.
Prices are still close to decade lows as the iron ore majors such as BHP Billiton and Rio Tinto flood the market with supply and China's demand drops.
The effects the 60 per cent-plus price plunge in the past year is having on junior miners came into sharp focus on Tuesday when Atlas Iron suspended its shares from trading.
It is losing money and is conducting a review of its business over the next fortnight to work out how to survive.
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