The iron ore price is surging towards $US60 a tonne in a dramatic turnaround from the decade lows it has hit.
Benchmark iron ore for immediate delivery to the port of Tianjin in China was $US58.70 a tonne, up from $US57.00, at the close on Monday.
The moves are providing welcome breathing space for Australia's junior miners.
The stocks of Fortescue Metals and smaller miners such as BC Iron and Mount Gibson Iron have been rising, with the iron ore rally believed to be partly related to short trading speculators covering their positions.
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