A stronger US dollar. A weaker yuan. A big miss on Chinese industrial production and a steeper contraction in Chinese steel output.

This was not enough to deter the iron ore price yesterday with the spot price for benchmark 62% fines rising 9 cents, or 0.16%, to $56.31 according to Metal Bulletin.

Not satisfied with that performance in the face of a myriad of negative forces, Chinese iron ore futures soared in overnight trade with the most actively traded January 2016 contract on the Dalian commodities exchange jumping 11 yuan, or 2.94%, to 385 yuan.

It is now approaching its maximum daily “up” limit of 4% with today’s day session yet to come.

Given the January 2016 now sits at the the highest level since July 6, it lays the foundation for a mammoth short squeeze in Australian iron ore miners given the epic whipping they were provided yesterday.

The ASX 200 materials index fell 3.47% on Wednesday, its largest daily percentage decline since December 1, 2014.

Year to date the index has fallen 6%.