The Atlas Iron Limited (ASX: AGO) share price has been a big mover on the market today.
In afternoon trade the junior iron ore producer's shares are up almost 8% to 14 cents.
What happened?
Atlas Iron's shares were given a boost today from another lift in iron ore prices. According to Metal Bulletin, the benchmark 62% fines increased a further 4.4% to US$62.33 a tonne.
This has left the 62% fines spot price at its highest level in over a month and means it is up significantly from the one-year low of US$53.36 a tonne it set just a couple of weeks ago.
Unsurprisingly, the shares of Fortescue Metals Group Limited (ASX: FMG), Mount Gibson Iron Limited (ASX: MGX), and BC Iron Limited (ASX: BCI) are also up sharply on the news.
With Chinese iron ore futures pointing higher, shareholders will no doubt be hopeful there are more gains to come tomorrow.
