Iron ore looks like it's heading towards another multi-month peak

Last week it looked like the stellar rally in the the iron ore price had come to an end. Having surged by 35% from its all-time low of $38.30 a tonne stuck on December 11, the benchmark spot price fell nearly 6.5% over just two days, leading many to suggest that further declines would follow. 

Not yet, it seems. 

Following a near three per cent rally on Monday, Metal Bulletin’s ion ore index (MBIOI-62) rose by a further 3.67%, or $1.82, to $51.44 a tonne on Tuesday, taking the benchmark price back to within touching distance of the multi-month peak of $51.64.