Something of an upside surprise given recently reported record high Chinese port inventory levels.
Yet Australia's most valuable commodity has notched up a welcome 11 gains from the last 12 trading sessions, in doing so rising by nearly 22 per cent from its recent nadir.
The 62% Fines Fe benchmark iron ore spot price closed out the financial year a little under 17 per cent higher at US$64.71/tonne.
A recent speech by the Chinese Premier Li Keqiang may in part account for the magnitude of the rebound.
The best explanatory commentary, as ever, can be found here at Business Insider.
The Aussie dollar remains rather too high for comfort, trading at just under 77 US cents.
But, then again, can that really be a surprise when ex-RBA Board Members are publicly anticipating a tightening cycle which could start soon and may be neither gentle nor gradual?
For the record, Bloomberg's recent survey of economists reported a median result of the cash rate staying flat at 1.50 per cent over the year to June 2018, with several forecasting houses still anticipating further cuts.