After a rocky start to the month the Northern China benchmark iron ore price has now built a solid base above the $50 per dry metric tonne level.

The import price of 62% Fe content ore at the port of Tianjin gained for the third day in a row to trade at $53.40 per dry metric tonne according to data supplied by The Steel Index.

The price of iron ore is down sharply since trading within shouting distance of the $70 mark in mid-April but is back in bull territory for 2016 with a 24.5% rise since the beginning of the year and a 44% rebound since hitting near-decade lows in December.

"Year to date iron ore is averaging $51.50, which implies Morgan Stanley sees iron ore below its December low of $37 a tonne in the fourth quarter"

Analysts at Morgan Stanley became the latest to upgrade their outlook for iron ore, although forecasts for the rest of the year still call for a steep decline in the price from current levels.

A "reasonable trading range" during March to September is $45 to $55 a tonne, analysts including Tom Price was quoted by Bloomberg as saying adding that world number two and three producers Rio Tinto and BHP Billiton are “adjusting” the addition of new supply to "accommodate weaker market conditions."

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