According to data from The Steel Index it's the highest level for the Chinese benchmark price since November 7, 2014 with gains since the eve of the election now topping 11%. Year to date the price of the steelmaking raw material is up 72% after doubling in value from near-decade lows in December last year.

The rally comes on the back of Trump's general support for the extractive industries and his pledge during his acceptance speech for fiscal spending geared towards rebuilding the country's infrastructure.

The Trump administration is likely introduce a spending program of $500 billion when it takes office next year with the president elect promising as much as $1 trillion over ten years to rebuild roads, bridges, airports, hospitals and schools.

Stocks of the world's top producers have all rallied post the Trump triumph with North America's number one iron ore miner Cliffs Natural Resources up a whopping 17% on Wednesday and gaining a further 4.3% in pre-market trading in New York on Thursday.

The world's largest iron ore miner, Brazil's Vale, jump looked set for another jump in value on Thursday to add to its 13.6% gain this week. Anglo-Australian giants BHP Billiton and Rio Tinto made the most of the rally in iron ore, coal and base metals with both stocks adding 12% in value in London since the election. World number four Fortescue Metals Group shares rose 10% in Sydney while South Africa's Kumba Iron Ore soared 15% in Johannesburg.

Metallurgical coal's rise this year has been even more dramatic than that of iron ore and trading at $307.20 a tonne on Tuesday, the steelmaking ingredient is up 22% just over the last month.

According to data provided by the Steel Index premium Australia hard coking coal prices are up more than fourfold since hitting multi-year lows around $70 a tonne in November last year.

The coal rally was also spurred by supply issues after Beijing’s decision to limit coal mines' operating days to 276 or fewer a year from 330 before as it seeks to restructure the industry. Safety closures and weather related supply curbs in China and Australia only added fuel to the fire.

In 2011 floods in key export region in Queensland saw the coking coal price touch an all-time high $335 a tonne. Iron ore's high point was a month later at $191.90 a tonne.

Three days after mocking Trump as unfit to control the codes needed to launch nuclear weapons, Obama told his successor that he wanted him to succeed and would do everything he could to ensure a smooth transition.
Trump, who spent years pursuing Obama over false claims he is not a natural-born American and accused him of being the founder of ISIS on the campaign trail, called Obama a "very good man" and said he would seek his counsel in future.
The extraordinary meeting was a reflection of the swift and sudden change in the political mood between the frenzied last days of an election campaign and the reality of government and the transition of power between two administrations that follows.
"My No. 1 priority in the next two months is to try to facilitate a transition that ensures our President-elect is successful," Obama said.

Obama told Trump: "If you succeed, the country succeeds," as the two men sat in high-backed chairs in front of the fireplace in the Oval Office.
Trump thanked Obama for the meeting which he said had originally been scheduled for 10 minutes and went on for 90.
"Mr. President, it was a great honor being with you and I look forward to being with you many, many more times," Trump said, adding that he and Obama had spoken about some wonderful and difficult things and "some high-flying assets."
It was not immediately clear what he meant.
The President-elect also said he would seek "counsel" from Obama.
As the pool of reporters were led out, Trump told them several times that Obama was "a very good man."
It comes with many Americans, especially Democrats and liberals, still in disbelief and shock at Trump's victory over Hillary Clinton on Tuesday, after the most vicious and unconventional campaign in modern history.
The meeting, and Trump's stern demeanor, also underscored how the heavy burden of the presidency begins to settle on the shoulders of a President-elect. In Trump's case, that process will be especially challenging giving that he will be the first president elected with not political, diplomatic or military executive experience.
Republican National Committee chairman Reince Preibus, who is being mentioned as a possible chief of staff in Trump's White House, told CNN's Jake Tapper that Americans would appreciate Trump's demeanor in Washington.
"I hope that everyone has seen sort of this presidential Donald Trump that we knew all along was up to the task and I think is going to make us all proud," Preibus said.
Thursday evening, Trump tweeted about the meeting, writing, "A fantastic day in D.C. Met with President Obama for first time. Really good meeting, great chemistry. Melania liked Mrs. O a lot!"