It is at a plus-two year high on global supply concerns, with 62% fines worth US$94.90 per tonne according to MySteel - levels last seen in February 2017.

Rio Tinto's (LSE: RIO) share price rose again in London yesterday, up 1.15%, headed towards its 2008 all-time peak, while in Australian trade it has made it back above the magic A$100 mark this month.

Vale's (BZ: VALE3) shares closed 2.7% higher yesterday and have recovered most of their loss since the January 25 fatal Brumadinho taillings dam failure that triggered widespread production impacts.

The supply situation was further exacerbated by tropical cyclone Veronica's impact on BHP and Rio iron ore operations in Western Australia's Pilbara last month.

Gold is back above US$1,299 an ounce on the spot market, while threats of new US tariffs on European products look set to weigh on markets, Bloomberg noted.

The S&P500 is likely to open lower today but it remains near an all-time high.

Meanwhile the FTSE100 and S&P/TSX index futures were both pointing to a positive start.