Iron ore tops $US90 a tonne for first time in 2 years

Iron ore has tonight cracked $US90 a tonne as this year’s bull run continued.

Spot prices jumped a massive $US5.61 to $US92.23.

It is the first time the price of the steelmaking commodity has topped $US90 a tonne since August 2014, and brings this year’s price rise to more than 18 per cent.

The latest jump comes on the back of sustained run in iron ore futures traded on China’s Dalian exchange.

The value of iron ore contracts traded on the exchange, the most common active contract, surged another 4.9 per cent today, putting a nominal price price on iron ore of $US101.76.

The surge in iron ore prices has defied analyst and market expectations.

Port stockpiles built up to multi-year highs ahead of China’s New Year celebrations in late January, leading to expectations the commodity price would fall when traders and steel mills returned to work early this month.