The momentum in the iron ore market has blown every analyst's forecast away and shows little sign of slowing, even as the price of the bulk commodity hits its highest level on record driven by a seemingly insatiable appetite from China’s steelmaking industry.

In Australian dollar terms the windfall is a bigger prize than miners enjoyed in the last supercycle: the spot price is trading at the equivalent of $260 a tonne according to NAB, 30 per cent higher than the previous Australian dollar high of May 2010.