The price of iron ore has hit a two-month high amid a broad rally in risky assets over the past 24 hours.

At the end of the latest session, benchmark iron ore for immediate delivery to the port of Tianjin in China was trading at $US56.40 a tonne, up 0.7 per cent from $US56.00 a tonne in the prior session.

Through the last nine sessions the commodity has only lost ground once, allowing it to edge up to its highest mark since early July.

The latest upward move came as stocks and commodities surged in offshore trade, with Wall Street tacking on 2.5 per cent and Brent crude and copper both jumping around 4 per cent at the close.

The action has been predicated on a view markets were oversold, as well as hopes for fresh stimulus from Beijing in light of the release of mixed trade data on Tuesday.

The trade data revealed a disappointing 14 per cent drop in imports of iron ore in August, though the figure may have been impacted by a devastating series of explosions that temporarily curtailed activity at the key Tianjin port.