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The red metal rose to US$7,747/t on the London Metal Exchange, the highest intraday price since March 21, 2013, Marex Spectron's Anna Stablum said.
Iron ore rallied as Chinese port inventory declined, she said.
The price was also boosted by last week's news of Vale cutting its 2020 production outlook again, from a revised 310-330 million tonnes to 300-305Mt.
MySteel 62% Australian iron ore fines were up 0.7% to $137.50/t and 58% fines jumped 5.43% to $134/t.
Meanwhile tensions between iron ore producer Australia and major trading partner China continue to simmer.
The gold price remains around $1,837 an ounce on the spot market.
Futures are pointing to a positive start to the week after key markets rose around the globe on Friday.
Among the majors, BHP was up 2.6% in midday Australian trade.
Glencore gained 3.1% in London after hosting its annual investor day and announcing Gary Nagle would succeed retiring Ivan Glasenberg as CEO.
