Iron ore surges 18.5pc on China steel price rally

Angus Grigg and Lisa Murray

Updated Mar 8, 2016 – 12.27pm, first published at 2.40am

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The value of iron ore rallied the most on record Monday night after steel prices in China jumped on the belief Beijing's pro-growth policies would boost sluggish demand.

The benchmark price rose $US9.99 or 18.5 per cent to $US63.74 a tonne, according to Metal Bulletin, the largest gain since daily pricing began in mid-2008.

Angus Grigg is an investigative reporter based in Sydney. He has worked as a foreign correpondent in China and Indonesia, and has won two Walkley Awards. Connect with Angus on Twitter. Email Angus at agrigg@afr.com

Lisa Murray is Enterprise Journalism Editor and host of The Fin podcast. Connect with Lisa on Twitter. Email Lisa at lmurray@afr.com