The settlements for BF-grade pellet premiums are double the $20/dmt premium in the previous quarter and 93pc higher than $24/dmt for DR-grade pellets.

Political tensions between Australia and China did not appear to affect trade between the two countries in October, as a rise in iron ore export receipts sent the value of Australia's shipments to its biggest trade partner to a four-month high.

Among them, the number of outbound trains during the period was 1,023, up 54.3 percent year-on-year, while 1,135 inbound trains were recorded, up 52.6 percent, according to China Railway Hohhot Group.

The strong economic data boosted sentiment even further in the iron ore market.

The joint research center has already delivered great insights into the outlook of Rio Tinto's largest market.

UK-Australian iron ore mining firm BHP has signed an agreement with Chinese steelmaker China Baowu to invest up to $35mn in jointly seeking technical solutions to reduce carbon emissions in steelmaking.

Hancock's Atlas Iron subsidiary will assist in extending the life of Roy Hill and has been cash positive at recent iron ore prices, the company said.

Australia's iron ore exports rose in September from a year earlier and were 3.9pc up for January-September.