The iron ore price is sitting at a six-week high, with the commodity enjoying its best run through a bear market that has now lasted close to 18 months.

At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US57.00 a tonne, according to numbers from The Steel Index, up 5.6 per cent from its prior close of $US53.80 a tonne.

The commodity has soared 22 per cent from the 10-year low of $US46.70 a tonne it reached earlier in the month and is currently trading at its highest mark since March 18.

Iron ore hasn’t seen a red trading session in the last seven and gained 11.1 per cent through last week alone.

The recovery has coincided with a surge in oil prices, with investors seeing both commodities oversold in the wake of collapses that have drawn plenty of headlines over the past six months.

A rising crude price increases production costs for iron ore miners and likely increases the price at which tonnes will be forced out of the market, which is why it’s seen as a leading indicator for the iron ore price.

The rebound has also been tied to news of fresh stimulus out of China — with hopes of more to come — and hints of production cutbacks as BHP Billiton marginally slows its planned expansion and several smaller miners show signs of distress.

The run has given hope to local miners that the tide may have turned, with the likes of Fortescue Metals, Mt Gibson Iron and BC Iron now likely back operating in the black.

However, most producers outside of Rio Tinto, Vale and BHP remain marginal at current prices.