Sydney (AFP)
The spot price of the commodity bounced back from its biggest one-day fall the previous day when it slumped 10 percent to $44.59 a tonne on the back of the free-falling Chinese market.
It regained virtually all of its losses, analysts said, to climb 9.9 percent to $48.99 a tonne after Beijing launched fresh measures to halt the sell-off.
“Iron ore has had its largest single-day fall and gain in the space of 48 hours,” IG Markets noted.
At the close, BHP Billiton was 2.98 percent higher at Aus$26.65, Rio Tinto was up 2.32 percent at Aus$52.07, while Fortescue Metals rose 1.68 percent to Aus$1.81.
