Iron ore finished the week with a surge, jumping 3.5% to US$59.96 a tonne out of the port of Qingdao in China.
This should help propel ASX listed producers higher today such as Fortescue Metals (ASX:FMG), BHP Billiton (ASX:BHP) and Rio Tinto (ASX:RIO).
The commodity did however end lower for the week.
The recent rally has the iron price up around 30% since it dropped close to US$47 earlier in the year.
At its peak in 2011, iron ore topped US$191 a tonne.
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