Iron ore has continued to have a stellar run this week, settling at $US81.90 a tonne overnight, according to the Steel Index.
This comes after it hit a peak of $US82.40 on Wednesday, with its price more than twice the amount it was last year, The Australian reports.
In December 2015, prices sunk to $37 a tonne.
The soaring prices – which have remained above $US70 for more than two weeks – are largely attributed to strong infrastructure investment in China, as well as the country’s slowdown in supply growth.
Last week, the price hikes also boosted steel futures – which rose more than six per cent – and rallied zinc and and lead prices.
Rio Tinto’s shares climbed 2.3 per cent, while BHP had an 0.8 per cent increase.