By Babs McHugh – ABC

The spot price of iron ore continues its record climb and has hit $US145 a metric tonne.

It has increased steadily from $US115 one month ago in response to China stockpiling ore for its steel mills.

Last week the Fortescue Metals Group announced a restart of its Kings project in the West Australian Pilbara in response to the price rise.

As recently as September the price was at a three year low of $US87 a tonne.

The recovered price could mean the Federal Government will collect some revenue this quarter under the Mineral Resource Rent Tax (MRRT) which cover iron ore and coal.