Iron ore futures in China are trading limit-up 8%. That means prices cannot go higher today based on market rules.
The most actively-traded May 2019 contracts sits at the highest level in nearly two years.
Chinese markets were closed last week for Lunar New Year holidays.
Over this period concerns about supply disruptions from Brazil have intensified, explaining the scale of the gains seen today.
The May 2019 contract in Dalian currently sits at 652 yuan a tonne, up from the 604 yuan level it settled on February 1. Chinese commodity futures were closed last week for Lunar New Year holidays.
They currently trade at the highest level in nearly two years.
