"Spot iron ore posted its biggest one-day gain on record...

"Spot iron ore posted its biggest one-day gain on record yesterday and China steel futures rose sharply for a second day, supported by hopes Beijing's approval of $US157 billion ($150 billion) in infrastructure projects would resuscitate steel demand.

Offer prices for imported iron ore cargoes in China rose over the weekend and the benchmark rate jumped by $US6, or 6.7 per cent, to $US95 a tonne on Monday, based on data from information provider Steel Index..."

Rest of the article goes on to pour cold water on hopes of a sustained rise due to inventory overhang in China.

http://www.smh.com.au/business/mining-and-resources/iron-ore-price-posts-record-jump-20120911-25p8y.html