Overnight the iron ore price continued its meteoric rise and hit a new 52-week high following a rally in commodities on the back of speculation that Donald Trump may spend heavily on infrastructure to reignite the US economy.

According to the Australian Financial Review the Chinese spot price for iron ore rose 3.9% to US$70.98 a tonne. This means the steel-making ingredient has now risen an astonishing 85% from its December 2015 low of US$38.30.

With iron ore prices continuing to remain at elevated levels, miners such as BHP Billiton Limited (ASX: BHP), Rio Tinto Limited (ASX: RIO), and Fortescue Metals Group Limited (ASX: FMG) stand to profit greatly.

In the September quarter, Fortescue Metals reported cash production costs of US$13.55 per wet metric tonne. This is expected to fall to US$12 to US$13 per wet metric tonne in the current quarter.

It’s clear to see here how profitable operations are for the miner right now and it comes as little surprise to see its share price rally strongly this year.

I’m a huge fan of the revitalised Fortescue Metals and firmly believe that its focus on lowering costs and paying back debt makes it one of the best investments in the resources sector.

The only reason I’ve not invested in the miner is that I’m bearish on iron ore prices. The expected increase in supply over the coming months worries me.

But I’ll happily admit that if China’s insatiable appetite for iron ore doesn’t wane as expected and Donald Trump embarks on major infrastructure spending then there’s a good chance that iron ore prices could surprise for some time to come.

If mining shares aren't for you then I would suggest you take a look at these fantastic growth shares instead. Each has the potential to provide strong returns for investors in the next 12 months in my opinion.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.