BHP Billiton has shrugged off a new low in the iron ore price to stage its biggest rally since the Samarco dam disaster. 
Shares in the global minersurged 3.6 per cent yesterday, breaking a six-day losing streak which had seen its Australian share price plumb a fresh decade low.
Investors jumped aboard despite the price of iron ore dropping below $US43 a tonne to its lowest level since the daily spot price was introduced in 2008.
"It appears investors are starting to try to pick a bottom for BHP," Peak Asset Management executive director Niv Dagan said. "We think the bad news has largely been factored into the price."The dip in the price of the key steelmaking ingredient came as a 289m bulk carrier to be loaded with the first iron ore from Gina Rinehart's Roy Hill mine arrived off the West Australian coast.