A sizeable rebound was reported by Commsec overnight for iron ore of 4.9 percent or $3.30 to US$71.20/tonne (62% Fe).
Not that much in the grand scheme of the past three years, of course, but hey, at least it's the highest spot price seen since the third week of November (!).
The assumed cause was a stimulus announced by China's central bank designed to free up $800 billion of loans for commercial banks.
Chinese demand is ultimately one half of the key to the iron price since it imports two-thirds of the world's seaborne ore as material for its monstrous construction boom, with 1.4 billion tonnes of imports expected in 2015.
However, an unprecedented flood of supply this year has seen prices nosedive by the best part of 50 percent since January 1.
With China's property market slowing, further interest rate cuts could be seen in that country next year.
The iron ore price has now rebounded by 8.5 percent after hitting its lowest price since mid-2009 last week.
But to put that in some context...
Tread with Care!
No doubt there will be a boost to iron ore producer valuations during the next trade and a spate of articles suggesting "investing" in them in 2015.
Each to their own, of course, but...well, as the chart shows there have been some truly epic "bull traps" in the not too distant past, so I'd probably be skipping the junior/highly leveraged/marginal producers meself (same applies for coal)!