Australian 62% fines are worth US$103.10 per tonne according to MySteel, their highest point since about this time in 2014.
Goldman Sachs analysts have boosted their average 2019 iron ore price target from $81/t to $91/t, saying an unexpected rise in China's use of the steelmaking ingredient was compounding supply shortfalls, Bloomberg reported.
Australian iron ore miner Fortescue Metals Group (ASX: FMG) is up more than 118% year-to-date.
It shares reached their highest point since September 2008 on Monday and, after softening slightly, were up 1.51% in afternoon trade.
Vale (BZ: VALE3) shares closed up 0.11% yesterday, reducing its drop to 6.94% year-to-date.
Its shares are yet to return to the levels seen prior to the fatal Brumadinho tailings dam failure in January and the miner last week warned of another dam risk.
London's FTSE100 managed a gain yesterday, one of the few bright spots on global equities markets as most indices closed lower.
Market futures were pointing to widespread negativity today.
Toronto's metals and mining stocks closed down about 2.5% yesterday, with copper stocks worst hit.
First Quantum Minerals (TSX: FM) closed down more than 10.6%.
The majority of gold stocks on the S&P/TSX Composite Index closed lower, with the spot gold price remaining similar to this point yesterday at US$1,273 an ounce.
Barrick Gold (TSX: ABX) was off 1.48% after proposing a discounted takeover of its majority-owned Acacia Mining to resolve its troubles in Tanzania.
Acacia (LSE: ACA) closed down 2.88% in London.