On Tuesday the Northern China benchmark iron ore price advanced more than 3% to $52.30 per dry metric tonne, a more than two week high according to data supplied by The Steel Index.

The steelmaking raw material 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 22% rise since the beginning of the year and a 40% rebound since hitting near-decade lows in December.

"The massive cost deflation in the past two years, helped by lower oil prices and freight rates, as well as a depreciation in producers’ currencies, may have come to an end"

Iron ore's fightback comes despite data showing exports from top supplier Australia nearing record levels and higher port stocks in China pointing to weakening fundamentals for the commodity.

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