Singapore iron ore futures have leaped 6.9% to $US139.55 a tonne early Friday.
This follows a 12.4% plunge to an 8-month low of $US130.60 on Thursday.
Iron ore miners are responding positively.
FMG is up 1.3% at $20.39, after hitting a 5-month low of $19.80 in early trade.
RIO is flat at $107.30 after hitting an 8-month low of $105.03.
BHP is down 0.8% at $44.30 after hitting a 6-month low of $43.88.