Iron ore prices cracked the $55 level on Tuesday, the Australian reported. According to the news outlet, The Steel Index quoted a 3.5 percent increase to US$55.90 per tonne, while Metal Bulletin put prices at US$56.22 per tonne. That’s the highest price for the base metal since May 18.

Iron ore has faced a prolonged price rout amidst an ongoing supply glut and slowing demand. Prices rallied past $70 in April, but the metal has since seen a pullback. Back in May, an article from Seeking Alpha suggested that iron ore could fall even further due to increased regulations in China to combat the speculative trading that helped drive up prices.

According to the latest Commodities Consensus Forecast from FocusEconomics, “[l]ong-term supply and demand dynamics are still stacked against any major gains in iron ore prices, however, dynamics are shifting.” Three panelists surveyed made upward revisions to their forecasts for the month, while none made downward revisions. Here’s a sample of a few forecasts for the iron ore price average in 2016.

• ANZ—$51 per metric ton
• BMO Capital Markets—$42 per metric ton
• Capital Economics—$48 per metric ton
• Toronto-Dominion—$60 per metric ton

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Securities Disclosure: I, Teresa Matich, hold no investment interest in any companies mentioned.