The iron ore price snapped an 11-day rally overnight, falling US$1.26 per tonne in value to $43.11 per tonne.
The recent rally achieved a value up to US$44.37 per tonne.
This performance capped a sustained rise by the steelmaking ingredient since December 11 when the benchmark price fell to a record low of $38.30 a tonne.
The commodity’s recent peak marks a 15.8% increase on this basement despite ongoing concerns about slower growth in Chinese construction during a rocky period for investments in the Asian giant.
The recent momentum has translated into a slight turnaround for major players in the sector, with Rio Tinto (ASX:RIO) and BHP Billiton posting minor rebounds in the past few sessions after tracking steady losses since October last year.
Both Rio and BHP (ASX:BHP) have gained 4.4% in value each over the past two weeks to A$44.08 per share and A$17.58 per share, respectively.
Stock in Perth-based iron miner Fortescue Metals, meanwhile, closed 1.3% stronger yesterday at A$1.89 per share, which represents a 9.9% rise since mid-December.
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