This appears to be the catalyst for the futures hike:
From The New York Times:
China's Dec Producer Prices Accelerate at Fastest Pace in Over Five Years
China's producer prices surged the most in more than five-year highs in December and by more than expected as prices of coal and other raw materials soared, while consumer inflation remained subdued.
http://www.nytimes.com/reuters/2017/01/09/business/09reuters-china-economy-inflation.html
Iron Ore Price, page-16097
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